SIT on Black money

By | July 26, 2015

Recommendations of SIT on Black Money as Contained in the Third SIT ReportImage result for blaCK MONEY

  • Misuse of exemption on Long Term Capital gains tax for money laundering
  • Misuse of Participatory notes for money laundering
  • Shell Companies and beneficial ownership (Reference p. 73-76 of the Third SIT Report)
  • Action under PMLA for Trade Based Money laundering
  • Use of cash in Black economy (Reference p. 4-6 of Third SIT Report)
  • Generation of black money in education sector and through donations to religious institutions and charities (Reference p. 84-86 of the Third SIT Report)
  • Necessity for establishment of additional Courts for deciding the pending cases under the Income Tax Act, 1961 (I.T. Act) (Reference : Page IV of Executive Summary of Third SIT report and extracts from First and Second SIT reports)
  • Need for establishment of Central KYC Registry (Reference p. XVI of Executive Summary of the Third SIT Report)
  • GENERATION OF BLACK MONEY DUE TO CRICKET BETTING (Reference p.68 -71 of the Third SIT Report)
  • Empowerment of DRI under section 20,21 and 22 of SEZ Act (Reference p. XVI of Executive Summary of Third SIT Report)

Click the view the Detailed Recommendations of SIT

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