July 14, 2016 11:01 pm | Updated September 18, 2016 01:33 pm IST - NEW DELHI:
The Special Investigation Team (SIT) on black money has sent its fifth report and recommendations to the Supreme Court. It recommends an Act to ban cash transactions of more than Rs.3 lakh, and seeks to ban the possession of cash in excess of Rs.15 lakh.
“The SIT has felt that large amount of unaccounted wealth is stored and used in form of cash,” according to the report.
The SIT has recommended an Act to be framed to declare such transactions as illegal.
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