04 September 2015

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SC asks Government What has been done to Curb Black Money

SC asks Government What has been done to Curb Black Money
Supreme Court of India has asked the BJP Government to  give details of action taken on the special investigation team's (SIT) recommendations

Supreme Court Bench asked attorney general Mukul Rohatgi, "What is the fate of these recommendations by the Supreme Court-appointed SIT?

The SIT had given a string of recommendations in its third report submitted to the Supreme Court in May

Below are the recommendations given by the SIT to Government which will help to curb black money.

A specific provision should be inserted in Prevention of Corruption Act to make acceptance of cash by educational institutions a punishable offense.

Large donations, including gift of ornaments, to religious and charitable institutions should be accompanied by PAN number of the donor.

Illegal activity of cricket betting
Some appropriate legislative directions or rules or regulations are required to be put in place to curb the menace of such betting.

Ban on bulk transactions through cash. A number of European countries bar any cash transaction above a particular limit. This can be done in India.

For holding cash/currency notes, there should be a limit by prescribing a reasonable threshold, may be Rs 10 lakh or Rs 15 lakh. This will control holding of unaccounted money to a large extent.

SEBI needs to have an effective monitoring mechanism to study unusual rise of stock prices of companies while such a rise is taking place. In case it is established that stock platforms have been misused for taking long-term capital gains tax benefits, prosecution should be invariably launched.

Obtaining information on 'beneficial ownership' of participatory notes is of crucial importance to prevent their misuse. SEBI needs to examine the issue and come up with regulations where the 'final beneficial owner' of participatory notes/offshore derivative instruments are known.

Proactive detection of creation of shell companies, which are used to provide accommodation entries to launder black money. Deterrent penal action against persons involved in creation of shell companies and providing accommodation entries needed.

All the above recommendations are excellent and government should accept them and implement them fully.
Another suggestion -
Real Estate - 
Property Purchase or Sell – Ban use of Cash, Jail term for accepting cash 

Next Date Hearing of the case – 28 October 2015
Government will inform the SC what action it took on the SIT Recommendations.

Suggested Reading -

What has been done to curb black money SC asks Center

Reality views by sm -

Friday, September 4, 2015

Tags – Black Money SIT Supreme Court India


Kirtivasan Ganesan September 05, 2015  

In present circumstances, I feel it is the responsibility of everyone not to show ambition.
As a teacher I will 😊 advise people and government servants to curtail ambition.
Ambitious black money curbing steps should also not be ventured.
Per day an adult uses 6000 calories of heat. If people control ambition and develop satisfaction then calories needed per day can be reduced to 5000 calories.