SIT constituted for black money with the judgement of Supreme Court

New government took decision on very first day to constitute Special Investigation Team(SIT) for tax evaders who took black money abroad. This was the guidelines of Honorable Supreme Court to constitute SIT. Government of India issued a press release which is as under.

The Union Cabinet today approved constitution of Special Investigating Team (SIT) to implement the decision of the Hon’ble Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.

The SIT will be headed by Hon’ble Mr. Justice M.B. Shah, former Judge of the Supreme Court as Chairman and Hon’bleMr. Justice Arijit Pasayat, former Judge as Vice Chairman.

The Members of the High Level Committee will comprise:

i. Secretary, Department of Revenue

ii. Deputy Governor, Reserve Bank of India,

iii. Director (IB),

iv. Director, Enforcement

v. Director, CBI

vi. Chairman, CBDT,

vii. Director General, Narcotics Control Bureau

viii. Director General, Revenue Intelligence

ix. Director, Financial Intelligence Unit

x. Director, Research and Analysis Wing and

xi. Joint Secretary (FT&IR-1), CBDT

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. SIT shall have jurisdiction in the cases where investigations have already commenced or are pending or awaiting to be initiated or have been completed. SIT will prepare a comprehensive action plan including creation of necessary institutional structure that could enable the country to fight the battle against unaccounted money. The SIT should report to the court the status of work from time to time.
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