New Delhi: The Special Investigation Team (SIT) on black money has suggested a number of measures to check unaccounted wealth in its third report. The panel, headed by Justice M B Shah (retd), suggests to check betting in cricket, bringing donations under tax net, monitoring unusual rise in stock prices and crackdown on shell companies among others.
- Create effective norms to curb betting in cricket and P-Notes.
- Bring donations to educational and religious bodies under tax net.
- Sebi must monitor unusual rises in stock prices and inform other agencies like CBDT and FIU.
- Sebi should look into beneficial ownership of Participatory Notes (PN), an instrument used by foreign investors to invest in India.
- On trade-based money laundering, the report said false declaration and falsification of documents, it said, those involved in such activities should be dealt with severely under the relevant law.
- Impose a limit on possession of cash to control stashing of black money.
- Empower Directorate of Revenue Intelligence to investigate cases of mis-invoicing or violations of Customs Act in relation to SEZs.