Business Standard

SIT on black money for capping cash at home to check unaccounted wealth

The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations

SIT, Black money, audit, corruption
Premium

Illustration: Ajay Mohanty

Shrimi Choudhary New Delhi
To further discourage cash economy, a Special Investigation Team (SIT) on black money has proposed a cap on keeping cash at home and suggested that seized unaccounted cash by law and enforcement agencies be deposited in the Consolidated Fund of India (CFI).
 
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies
during investigations.
 
Given the fact that unaccounted wealth is being held in cash, which is further confirmed by huge cash recoveries by
law enforcement agencies, proper cash management can only succeed if

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in