SC should fix ₹3 lakh as limit for cash payments: SIT

Supreme Court should ideally fix ₹3 lakh as the limit for cash payments or transactions in the country, suggested the Special Investigation Team (SIT) as a new way to regulate black money circulation in the country.

Headed by retired Supreme Court justice MB Dave, SIT in its fifth report recommended for the formulation of a new law which restricts cash transactions beyond a stipulated amount, preferably ₹3 lakh.

According to SIT, the unaccounted money has been used in the form of cash which has increased the flow of black money in the market. 

"With no proper regulations, black money is used in commercial transactions. We need a regulation which can be exercised to curb the black money menace," said SIT officials.

The investigating team will be welcoming public views and suggestions on the issue and those interested can send in their opinions on the official email address (sit_suggestions@nic.in).