Thursday, Sep 18, 2014

At first meet, new Cabinet forms SIT on black money

ENS Economic Bureau | New Delhi | Posted: May 28, 2014 12:31 am

In its first Cabinet decision, Prime Minister Narendra Modi-led NDA government has announced the formation of a Special Investigation Team (SIT) for tracking black money of Indians allegedly parked abroad. The SIT has been formed under retired Supreme Court judge MB Shah.

“We have formed the SIT as per the order of the Supreme Court. This shows the commitment of the new government to pursue the issue of black money,” Ravi Shankar Prasad, telecom, IT and law and justice minister said after the Cabinet meeting.

He said the SIT will have representations from all investigative agencies including the Directorate of Revenue Intelligence, CBI, R&AW, Narcotics Control Bureau, Financial Intelligence Unit and Enforcement Directorate besides the revenue secretary, a nominated deputy governor of the RBI, the chairperson of CBDT and joint secretary of foreign tax as its members.

Retired Supreme Court judge Arijit Pasayat will be the vice chairman of the SIT, which will “have jurisdiction over all the cases, where investigation has already commenced or pending or awaiting to be initiated or have completed” with regard to cases of illicit funds parked overseas in tax havens.

The last date for formation of SIT was May 28 as per the Supreme Court’s order of May 23. The government has formed it just a day in advance. The SIT will chalk out a detailed action plan to curtail generation of illicit money while at the same time create necessary institutional structure for the same.

“Humne poori sakriyata dikhayi hai Supreme Court ke aaadesh ka paalan karne mein,” Prasad said.

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