Indian Govt Using Digital Economy to Fight Black Money
Will the digital cashless economy solve the problem of black money in India?
Times of India reports that the Special Investigation Team (SIT) on black money in India 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.
The panel felt that large amount of unaccounted wealth is stored and used in form of cash. "Having considered the provisions which exist in this regard in various countries and also having considered various reports and observations of courts regarding cash transactions the SIT felt that there is a need to put an upper limit to cash transactions," an official statement said.