<h1>SIT Recommends Ban on Cash Transactions Over Rs. 3,00,000 and Cap on Cash Holdings at Rs. 15 Lakhs.</h1> The Special Investigation Team (SIT) on Black Money has submitted its Fifth Report to the Supreme Court, recommending measures to curb unaccounted wealth stored in cash. It suggests a ban on cash transactions exceeding Rs. 3,00,000, making such transactions illegal and punishable. Additionally, the SIT proposes a cap on cash holdings at Rs. 15 lakhs, requiring individuals or industries needing more cash to seek permission from the local Commissioner of Income Tax. These recommendations aim to address issues of unaccounted wealth and cash recoveries observed during enforcement actions. Public suggestions on these recommendations are invited.