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  • Demonetisation of Currency Notes - Only Way To Curb Menace - SIT Chief - The Hindu

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    The former Supreme Court judge heading the SIT on black money welcomed the Prime Minister's announcement to scrap Rs. 500 and Rs. 1000 currency notes, saying it was the only way to curb the circulation of unaccounted wealth within the country. Justice Shah said the measure would cripple money laundering efforts by criminals and help the SIT's future work to end the black money menace. Earlier, the SIT had called for banning cash transactions over Rs. 3 lakh and capping individual cash holdings at Rs. 15 lakh to prevent holding unaccounted wealth in cash.

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    DEMONETISATION

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    Demonetisation of Currency Notes_ Only Way to Curb Menace_ SIT Chief - The Hindu

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    The former Supreme Court judge heading the SIT on black money welcomed the Prime Minister's announcement to scrap Rs. 500 and Rs. 1000 currency notes, saying it was the only way to curb the circulation of unaccounted wealth within the country. Justice Shah said the measure would cripple money laundering efforts by criminals and help the SIT's future work to end the black money menace. Earlier, the SIT had called for banning cash transactions over Rs. 3 lakh and capping individual cash holdings at Rs. 15 lakh to prevent holding unaccounted wealth in cash.

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    Demonetisation of Currency Notes - Only Way To Curb Menace - SIT Chief - The Hindu

    Uploaded by

    Anonymous x7yuSyEI8x
    The former Supreme Court judge heading the SIT on black money welcomed the Prime Minister's announcement to scrap Rs. 500 and Rs. 1000 currency notes, saying it was the only way to curb the circulation of unaccounted wealth within the country. Justice Shah said the measure would cripple money laundering efforts by criminals and help the SIT's future work to end the black money menace. Earlier, the SIT had called for banning cash transactions over Rs. 3 lakh and capping individual cash holdings at Rs. 15 lakh to prevent holding unaccounted wealth in cash.

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    of 1

    NATIONAL

    NEWDELHI,November9,2016

    Onlywaytocurbmenace:SITchief
    LegalCorrespondent

    JusticeShah,aformerSCjudge,saidthiswouldspelltheendofcirculationofunaccountedwealth.

    JusticeM.B.Shah,(retired)whoheadstheSupremeCourtappointedSpecialInvestigationTeamonblackmoney,onTuesdaysaidtherewas
    nootheralternativetocurbblackmoneythantoscraptheRs.500andRs.1,000currencynotes.WelcomingPrimeMinisterNarendraModis
    pronouncementJusticeShah,aformerSupremeCourtjudge,saidthiswouldspelltheendofcirculationofunaccountedwealthinsidethe
    country.

    Hesaidunaccountedmoneystashedabroadisadifferentthingandneedstobeaddressedseparately.

    Youhavetounderstand,thereisnootheralternative.Thisisoneofthemethodstoendcirculationofunaccountedwealthacrossthe
    country,JusticeShahtoldTheHinduoverthephone,minutesafterthePrimeMinistersannouncement.

    Lookingtothefuture

    Certainly,thisisgoingtohelpourworkinfuturetoendtheblackmoneymenace,JusticeShahsaid.Hesaidthemeasurewouldcripplethe
    effortsofcriminalsinmoneylaundering.

    Callforban

    Earlierthisyear,theSIThadcalledforacompletebanoncashtransactionsaboveRs.threelakhaswellassettingaRs.15lakhcaponcash
    holdingsbyindividualstopreventholdingofunaccountedwealthincash.

    Ithadalsorecommendedthegovernmenttoframeanewlawtomaketransactionsabovethisthresholdillegaliftheamountwasnotpaidby
    cheque,bankdraft,orelectronicclearingsystemthroughabankaccount.

    TheSITrecommendationhadfollowedaFinanceMinistrystatementthatlargeamountsofunaccountedwealthwasstoredandusedinthe
    formofcash.

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