Zee Media Bureau
New Delhi: The Special Investigating Team (SIT) on black money has recommended that tax evaders should henceforth be prosecuted as against the practice of letting them off in lieu of penalty.
The SIT has also sought a decision by March 31 on this.
The SIT said offences relating to tax evasion be made "Predicate Offences" and to strengthen the provisions FEMA needs to be amended to provide for seizure and confiscation of property of equivalent value within the country.
The SIT in its report submitted to the Supreme Court yesterday suggested that a ceiling of Rs 15 lakh be imposed on the maximum cash currency that an individual/entity is allowed to possess at a particular point of time to curb the menace.
The report also said, "The SIT recommends the setting up of five Additional Chief Judicial Magistrate (ACJM) courts in Mumbai to expedite the proceedings in more than 5000 cases that are pending for the violation of the different provisions of the Income Tax Act, 1964".
With Agency Inputs