Do not allow citizens to keep over INR 15 lakh at home, says SIT

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No citizen of India should be allowed to keep more than INR 15 lakh in cash at home, said a team of experts appointed by the Supreme Court to tackle the issue of black money effectively.

The panel comprising retired judges and bureaucrats was formed as a Special Investigating Team (SIT) to make sure that the Union government can trace Indians who have stored untaxed money in foreign bank accounts.

The SIT has suggested that the government should soon enact a new law or change existing laws to ensure that officials can seize the assets and properties of tax violators without too many legal hiccups.

The SIT has also recommended the amendment of laws to impose a cash limit of INR 15 lakh per individual.

The Supreme Court has been closely monitoring government’s each and every move to identify and penalize Indians with black money in foreign accounts since 2009. The issue was highlighted by senior lawyer and ex-BJP leader Ram Jethmalani through a petition.

The current NDA regime led by Prime Minister Narendra Modi had promised that if he took office, the government will take every possible measure to settle the issue of black money once and for all. As part of this agenda, Prime Minister Modi formed the SIT right after taking office. The previous Congress-led UPA government had unsuccessfully argued in the court that there was no need for an SIT to be formed.

In November, 2014, Finance Minister Arun Jaitley stated that as many as 250 Indians had already admitted of maintaining an account at HSBC in Geneva. Last year, France gave India a list of approximately 600 citizens with accounts in HSBC, Geneva. The list was based on the data leaked by a bank employee.

The Supreme Court has asked the government to investigate each individual mentioned in the list.

1 COMMENT

  1. BLACK MONEY IN REAL ESTATE; SOLUTION. ALL SALE OF REAL ESTATE SHOULD BE TRANSPARENT. NAME OF SELLER, PURCHASER, DETAILS OF PROPERTY, BVALUE ETC SHOULD BE PUBLISHED IN NEWSPAPER & DETAILS WILL BE AVAFILABLE AT SITE, REGISTRAR/COLLECTOR’S OFFICE. 15 DAYS TIME SHOULD BAE ALLOWED TO PUBLIC FOR 10% OR ABOVE ENHANCED OFFER. IF MR. ADESIRE TO PURCHASE ABOVE PROPERTY THEN HE SHALL APPROACH TO REGISTRAR, HIS NAME AND ADDRESS, SHALL NOT BE PUBLISHED, TO AVOID THRETNING ETC., BUT OFFER VALUE SHLL BE PURLISHED AND FURTHER 15 DAYS TIME SHLL BE ALLOWED TO PUBLIC TOR THEIR OFFER. FROM ABOVE METHOD NO BODY WANT TO SALE PROPERTY BELDOW REAL PRICE. NO GENERATION OF BLACK MONEY. NO BRIBE. IF SDOME BODY WANAT TO PURCHSE THE DPROPERTY ON ENHANCED BVLUE THEND 50% OF ENHANCED VALUE WILL GO TO STATE GOVT. AND 50% WILL GO TO CENTRAL GOVT. STATE GOVT. GET MORE REVENUE BY WAY OF STAMP DUTY & CENTRL GOVT. GET MORE REVENUE BY WAY OF INCOME TAX. AS PER COLLECTOR’S GUIDE LINE RAIPUR CITY(C.G.) KOTWLI AREA VALUED AT `12546/- WHEREAS ACTUAL RICE IS 30000/- PER SQ.FT. MORE THAN 50% PAYMENT BY WAY OF BLACK MONEY. TRUE VALUE OF PROPERTY CN BE DETERMINED BY MORE THAN TWO PARTIES ONLY. BY WAY OF ABOVE WE CAN REDUCE BLACK MONEY AND INCREASE GOVERNMENT’S REVENUE. IN RESPECT OF ABOVE I HAVE ALREADY SEND LETTER TO MANNIYA P.M. ON 07.11.2014.

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