The Special Investigation Team (SIT) on black money has recommended ban on cash transactions of above 3 lakh rupees in a day. <br/><br/>It has also recommended enacting a law to declare such transactions as illegal and punishable. The SIT headed by retired Justice M B Shah, submitted its fifth report to the Supreme Court today. <br/><br/>It has suggested upper ceiling of cash holding at 15 lakh rupees to curb illegal wealth in the economy.The SIT felt that the cash transaction limit can only succeed if there is a limitation on cash holding.<br/><br/>The panel said, in case any person or industry required holding more cash, it may obtain necessary permission from the Commissioner of Income Tax of the area. An official release said, suggestions have been invited on the recommendations of SIT at sit_suggestions@nic.in .