Centre forms SIT on black money

Centre forms SIT on black money

Centre forms SIT on black money

 In the first decision after assuming office, the Narendra Modi government today constituted a special investigative team (SIT) to unearth black money.

The SIT will be headed by former Supreme Court judge M B Shah and will include Revenue Secretary, CBI and IB directors, Enforcement Directorate official, CBDT Chairman and RBI deputy governor. Former Supreme Court judge Arijit Pasayat will be the vice-chairman of the panel.

The Supreme Court had last week granted the government one week to constitute the SIT for monitoring of all black money cases.

"In the first Cabinet of the new government...in the light of the directions of the SC, we have constituted an SIT for unearthing black money... This was an important issue for us," Law and Telecom Minister Ravi Shankar Prasad told reporters after a one-and-a-half-hour long Cabinet meeting.

Prasad said setting up of the SIT "indicates the commitment of the new government to pursue the issue of black money."

He said that earlier, the Supreme Court had given certain orders, but there were some delays.

"Tomorrow is the last date (for setting up of SIT), therefore the very first agenda in accordance with its policy commitment was to have this very high-profile SIT."

According to a press release, other members of the SIT are Director General of the Narcotics Control Bureau, Director General of Revenue Intelligence, Director of the Financial Intelligence Unit, Director of the Research and Analysis Wing and a Joint Secretary in the Central Board of Direct Taxes.

It stated that the SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money.

The panel will have jurisdiction in cases where investigations have commenced, are pending, are awaiting to be initiated or have been completed.

The SIT will prepare a comprehensive action plan, including creation of an institutional structure that could enable the country to fight the battle against unaccounted money. It should report on the status of its work to the court from time to time, the statement added.