Unearthing black money: SIT charts out strategy at first meeting

The Justice MB Shah-headed Special Investigation Team (SIT), set up to unearth black money stashed abroad, has chalked out a roadmap to get the money back.

At its first meeting here on Monday the high-level panel discussed in detail the modalities of proceeding further with the apex court mandate and a roadmap was decided on, an official release said. It, however, did not elaborate on the plan.

Indications are that issues such as foreign travel, destinations and frequencies of a few notable cases of black money parked in foreign accounts were discussed.

Setting up the SIT was the Modi-led Government’s first act, following the Supreme Court mandate on the matter.

The SIT was asked to prepare a comprehensive action plan, including creation of the institutional structure that will enable the country to fight the battle against unaccounted money.

It will submit a status report to the court periodically.

According to the terms of reference for the SIT, the elite team will investigate all matters “with respect to unaccounted monies being stashed in foreign banks by Indians or other entities operating in India that may arise in the course of such investigations and proceedings.”

The officers who form part of the SIT include Secretary of the Department of Revenue, an RBI Deputy Governor, Intelligence Bureau Director, Director of Enforcement Directorate, Director CBI, CBDT Chairman and Director-General of the Narcotics Control Bureau.

The D-G, Directorate of Revenue Intelligence, Director of the Financial Intelligence Unit, Secretary Research and Analysis Wing and a Joint Secretary (Foreign Tax and Tax Research) in the Finance Ministry are its other members.

The SIT will also go into “all issues relating to matters concerning and arising from unaccounted monies of Hasan Ali Khan and Kashinath Tapuriah.”

The team will have jurisdiction in cases where investigations have begun, are pending or waiting to be initiated and those that have been completed.

“A review that ensures coherent functioning amongst various investigative agencies would subserve the objective for which the SIT has been constituted under the mandate of the Supreme Court,” Aseem Chawla, Partner, MPC Legal, a law firm, told Business Line .

COMMENT NOW