The Special Investigation Team (SIT) on blackmoney has recommended ban on cash transactions of above Rs 3 lakh and restricting cash holding with individuals to not more than Rs 15 lakh to curb illegal wealth in the economy.

The SIT headed by Justice M B Shah (retd), submitted its fifth report to the Supreme Court on methods to curb black money in the economy.

• SIT recommended a total ban on cash transactions above Rs 3 lakh and “an Act be framed to declare such transactions as illegal and punishable under law.”

• In case any person or industry required holding more cash, it may obtain necessary permission from the Commissioner of Income Tax of the area.

• Jaitley came across a lacklustre response when he had announced the first scheme, after the NDA government came to power in May 2014, to bring back black money stashed abroad — the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

• Just R4,147 crore was declared during the 90-day black money compliance window. Of this, the government could mop up R2,400 crore as taxes. “One of the objectives behind the 2015 Black Money Law was to offer an opportunity to assessees to comply”