• Welcome to Tamil Brahmins forums.

    You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our Free Brahmin Community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

    If you have any problems with the registration process or your account login, please contact contact us.

Limit Cash at Home to 15 lakhs, Says Supreme Court Panel on Black Money

Status
Not open for further replies.
Limit Cash at Home to 15 lakhs, Says Supreme Court Panel on Black Money

Indians should be banned from keeping more than Rs. 15 lakhs in cash at home, suggested a team of experts assigned by the Supreme Court to fight and recover black money today.

The panel of retired judges and bureaucrats has been formed as a Special Investigating Team, or SIT, to ensure the government uncovers which Indians have hidden untaxed money in foreign bank accounts.

The panel suggested today that the government should change existing laws so that officials can seize the properties and assets of tax violators, equivalent to the amount of black money they have collected abroad.

The SIT also asked that laws be amended to impose a cash limit of Rs. 15 lakhs per individual.

The Supreme Court has been monitoring the government's attempts to identify and penalize Indians for black money since 2009, based on a petition by noted lawyer Ram Jethmalani. The BJP made the recovery of black money a major promise of its campaign for last year's national election, but after taking office, the government has acknowledged that existing tax treaties with countries like Switzerland impose restrictions on what sort of information it can access about foreign bank accounts.

The SIT of experts was set up by Prime Minister Narendra Modi soon after he took office; the previous Congress-led government had unsuccessfully argued in court that the team was not needed.

In November, Finance Minister Arun Jaitley said that 250 Indians had admitted to holding an account at HSBC in Geneva. In Last year, France gave India a list of nearly 600 citizens with accounts at HSBC in Geneva based on data leaked by a bank employee.

The Supreme Court has said that by the end of March, each of the people on the list should be investigated to determine if they are guilty of holding black money.


Limit Cash at Home to 15 lakhs, Says Supreme Court Panel on Black Money
 
suggestion to limit cash holding to 15 lakhs is putting more power in hands of govt. to harass people.

our banking system is in bad shape. there was talk of closing it for 5 days from 22nd to 26th jan.

ATMs are not safe places for money withdrawls. some banks are very inefficient.

other investments are not safe.

it is best it appears to spend it all as fast as possible.

no money no issues.lol
 
Status
Not open for further replies.

Latest ads

Back
Top