ENA Economy 2016-08-23 08:57:53 <p><strong>New Delhi, Aug 23 (KNN) </strong>With a view to curb black money in the country, the Government is considering Special Investigation Team (SITs) recommendation on banning cash transactions of over Rs. 3 lakh.</p> <p>Central Board of Direct Taxes (CBDT) Chairperson Rani Singh Nair said today that SITs recommendations of banning cash transactions of over Rs. 3 lakh is under consideration of the government.</p> <p>The move follows Supreme Court-appointed Special Investigation Team (SIT), headed by Justice M B Shah (retired), last month submitted its fifth report on steps needed to curb black money. The team recommended 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.</p> <p>Nair was speaking to reporters on the sidelines of an Assocham event here in New Delhi.</p> <p>The Income Tax Department, she said, has already put a one per cent tax at source on cash transactions and made quoting of PAN mandatory.</p> <p>All these aspects are part of SITs recommendations to stop use of cash in the economy, she said. <strong>(KNN Bureau)</strong></p> 15173 http://knnindia.co.in/news/newsdetails/economy/govt-considering-sits-recommendation-of-banning-cash-transactions-of-more-than-rs-3-lakh-cbdt 2016-08-23 08:57:53 knnindia.co.in