Black Money SIT Cap of Rs.15 Lakh Cash on Individual
Black Money SIT Cap of Rs.15 Lakh Cash on Individual
The Special Investigating Team (SIT) on black money has suggested to the Supreme Court that a ceiling of Rs 15 lakh be imposed on the maximum cash currency that an individual/entity is allowed to possess at a particular point of time to curb the menace of black money
SIT told to Supreme Court that Government should examine this issue and come up with suitable legal framework to implement this recommendation
Following are the other recommendations of SIT
The SIT recommends the setting up of five Additional Chief Judicial Magistrate (ACJM) courts in Mumbai to expedite the proceedings in more than 5000 cases that are pending for the violation of the different provisions of the Income Tax Act, 1964,"
Offences relating to tax evasion be made "Predicate Offences" and to strengthen the provisions FEMA needs to be amended to provide for seizure and confiscation of property of equivalent value within the country.
There is a need for tallying of import-export data with foreign governments to control Trade Based Money Laundering.
The SIT recommends that the Government should act expeditiously to effect the aforementioned amendment proposed by the SIT
Advocate Prashant Bhushan, who is an intervenor in the case, contended that publication of the names would act as a deterrent and stop many from stashing money abroad in the future.
Ram Jethmalani on Black Money -
Senior advocate Ram Jethmalani's lawyer Anil Divan told Supreme Court bench that "Not a single rupee has been brought back in the last six months," "There might have been some attachment, raid here and there."
Jethmalani said the government's response on the Black money issue was a "total disappointment".
"I am not recovering my money, but the nation's money.
Till a legislation is passed, not a farthing will come," he said.
"I drafted a law and sent a copy to the Prime Minister.
It has been passed on to the finance ministry.
Are they in favor of this legislation? If they don't want to do it, they should let it be known. Otherwise, I will go to the real sovereign — the people."
The recommendations given by SIT will never create fear among the white collar criminals
Limit needs to be Just Rs. 15 Lakh with a provision that if found money is more than Rs. 15 Lakh in such cases imprisonment of minimum 25 years or fine of Rs. 1 Crore
Ban notes of Rs. 1000 and Rs. 500
If someone is found knowingly and with full planning avoiding taxes the punishment or fine should 10 times more than the original amount.
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Wednesday, January 21, 2015
Tags – Black Money SIT Suggestion