- 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