Black Money SIT proposes crackdown on cash transactions, confiscation of undisclosed foreign assets

Jul 14,2016

Special Investigation Team ('SIT') in its 5th report on black money to the Supreme Court recommends total ban on cash transactions above Rs. 3 lakhs and an upper limit on cash holding of Rs. 10 to 15 lakhs; SIT suggests prior permission of the local Commissioner of Income Tax in case any person or industry requires holding more cas...

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