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