The Chairman of the SIT on Black Money retired Justice MB Shah and its Vice- Chairman Justice Arijit Pasayat have termed the government's decision of demonetizing 500 and 1,000 notes as a bold step. In jointly written letter to the Finance Minister, Arun Jaitley, both the Former Judges of the Supreme Court have said that it is a step in the right direction.<br/><br/> They said, a few steps would need to be taken to not only ensure that people holding black money in cash are not able to convert it into white but also to ensure that a similar situation where the unscrupulous people are again able to store their illicit income in form of cash, does not arise. In the letter, they have recommended to issue instructions to banks to report to CBDT or Financial Intelligence Unit about large cash deposits. <br/><br/>They have suggested that all such deposits be analyzed in reference to known sources of income of the person and heavy penalty and prosecution should follow in case the deposit is beyond the known sources of income of the person. They said, people holding black money may also use poorer people to convert their money into white, Instructions need to be passed on to banks to report any deposits not commensurate with the average transactions in those accounts.