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9 things the SIT is pushing for to check black money menace in India

News:

  • The Supreme Court-appointed Special Investigative Team has submitted its report on black money in which it has recommended crackdown on money laundering through stock exchange platform and Participatory notes (P-notes).
  • Some salient recommendations are:
    • SEBI needs to have an effective monitoring mechanism to study unusual rise of stock prices of firms while such a rise is taking place.
    • Not just bar such entities but take strong penal action against them.
    • Check for misuse of participatory notes for money laundering.
    • Detect and take action against shell companies.
    • Action under PMLA for Trade Based Money laundering.
    • Regulate the possession and transportation of cash, particularly putting a limitation on cash holdings for private use.
    • Monitor entities involved in illegal transactions such as drugs/narcotics deals, corruption/bribery, cricket betting and use those parking funds during elections.
    • Create provision for controlling cash transactions as donations in schools and colleges.
    • Gift of jewellery made to the charity or institutions should be accompanied by donor’s name and his PAN Number
      Source: ET

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