New Delhi, Aug 23 (KNN) With a view to curb black money in the country, the Government is considering Special Investigation Team (SIT’s) recommendation on banning cash transactions of over Rs. 3 lakh.

Central Board of Direct Taxes (CBDT) Chairperson Rani Singh Nair said today that SIT’s recommendations of banning cash transactions of over Rs. 3 lakh is under consideration of the government.

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.

Nair was speaking to reporters on the sidelines of an Assocham event here in New Delhi.

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.

“All these aspects are part of SIT’s recommendations to stop use of cash in the economy,” she said. (KNN Bureau)