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Modi government forms SIT to unearth Black Money

Special Investigation Team will be responsible for investigation, initiation of proceedings and other matters involving unaccounted money

May 28, 2014 12:37 IST | India Infoline News Service
The Narendra Modi Government hit the ground running on the first day by setting up a Special Investigation Team (SIT) to unearth black money and by holding bilateral talks with the heads of the SAARC nations.

The Cabinet approved the setting up of an SIT to implement the Supreme Courts decision on unearthing black money stocked in foreign countries, evading taxes or raised through unlawful activities.

The Supreme Court had ordered the Centre to form SIT by May 28. According to CBI, the amount of black money deposited by Indian in tax havens abroad stood at Rs. 29.5 trillion in 2012.

Supreme Court Judge MB Shah will head the SIT, and former Supreme Court judge Arijit Pasayat will be co-chairman. The members of SIT will include Revenue Secretary, an RBI Deputy Governor, the Chairman of the Central Board of Direct Taxes), and the Directors of the Intelligence Bureau, the Enforcement Directorate, the CBI, the Revenue Intelligence, the Financial Intelligence Unit and the Research & Analysis Wing.

SIT will be responsible for investigation, initiation of proceedings and other matters involving unaccounted money. SIT will submit a status report to the court periodically.

The BJP had committed to take steps to reduce corruption by simplifying procedures. It has pledged to set up a task force to recommend amendments to existing laws or enact new laws to check black money as also to track and bring back black money stashed in foreign banks.

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