The Special Investigation Team (SIT) on black money has recommended ban on cash transactions of above 3 lakh rupees.<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.<br/><br/>The SIT felt that the cash transaction limit can only succeed if there is a limitation on cash holding.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.