SIT on black money suggests Rs. 1cr cap on cash-holdings
What's the story
The Special Investigation Team (SIT) on black money has recommended the central government to cap the cash holding limit at Rs. 1cr instead of its earlier suggestion of Rs. 20L. The SIT has also recommended that the entire amount found in seizures crossing that limit should go to the government treasury, Justice (retired) MB Shah, who heads the SIT on black money, said.
Existing rules
Offender can retrieve seized cash by paying 40% income-tax, penalty
As per existing rules, an offender can retrieve seized cash by paying 40% income tax and penalty. On July 16, IT sleuths searched over 20 premises of a firm engaged in highway construction in Tamil Nadu and seized Rs. 160cr cash and 100kg of gold. "The amount of money being seized is so high that Rs. 20L limit is too low," Justice Shah said.
Information
Supreme Court formed the SIT in 2014
The SIT was formed by the central government in 2014 on directions of Supreme Court. The panel has been continuously suggesting anti-black money measures to the government.