Banning cash deals over Rs 3 lakh under consideration: CBDT
Govt is examining the SIT recommendation. Thinkstock
New Delhi, August 23
The government is examining the Special Investigation Team’s (SIT) recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, Central Board of Direct Taxes (CBDT) Chairperson Rani Singh Nair said here on Tuesday.
The move follows the Supreme Court-appointed SIT on black money recommending banning cash transactions of Rs 3 lakh and above and restricting cash-holding with individuals and industry to Rs 15 lakh to curb illegal wealth in the country.
“These recommendations have come. It (banning cash transactions over Rs 3 lakh) is under examination. The SIT recommendations are under consideration,” she told reporters on the sidelines of an Assocham event here.