Government is considering to ban cash deals of over three lakh rupees. Central Board of Direct Taxes – CBDT Chairperson Rani Singh Nair today said, government is examining Supreme Court-appointed SIT's recommendation of banning cash transactions of over three lakh rupees in a bid to clamp down on black money in the economy. She was talking to media on the sidelines of an Assocham event in New Delhi. <br/><br/>The move follows Special Investigation Team on black money recommending this and restricting cash holding with individuals and industry to 15 lakh rupees to curb illegal wealth in the country. Ms Nair said the Income Tax Department has already put a 1 per cent Tax Collected at Source on cash transactions and made quoting of PAN mandatory. She said all these aspects are part of SIT recommendations to stop use of cash in the economy.<br/><br/> The SIT, headed by Justice M B Shah (retired), submitted its fifth report to the Supreme Court last month on steps needed to curb black money.