Black money: Apex court satisfied with SIT’s first report

The Supreme Court on Wednesday expressed satisfaction over the progress made by the Special Investigation Team (SIT) on steps taken to retrieve black money stashed abroad.

A three-judge Bench of Justices H.L. Dattu, Ms. Ranjana Desai and Madan B Lokur after perusing the first report submitted by the SIT in a sealed cover expressed satisfaction and observed that some progress had been made.

When Mr. Jethmalani requested copy of the report, Justice Dattu said it was confidential and he could make that request to the SIT.

The Bench after hearing senior counsel Anil Divan in a brief order said “the first report of the SIT on black money is taken on record. Insofar as the request made by Mr. Jethmalani in the letters written to German authorities and the response received from Germany, the letters may be handed over to the Additional Solicitor General Neeraj Kishan Kaul who will take instructions and inform the same to the court on the next date of hearing.”

The bench permitted Mr. Jethmalani and his counsel Mr. Divan to interact with the SIT members on the nuances of the case and the possible ways of getting the black money stashed abroad. The bench made it clear that they could only suggest means and methods to the SIT of getting back the black money. The Bench said the SIT should proceed with the task assigned to them by the apex court and submit a progress report in two months.

The SIT, apart from Justice M.B. Shah as Chairman has another former judge of the apex court, Arijit Pasayat, as its vice-chairman besides 11 members, who are the heads of a number of investigative and enforcement agencies of the country.

Mr. Divan submitted that the Centre had not yet disclosed the names of persons with respect of whom investigations were concluded and no evidence of tax evasion in terms of Indian tax laws was found, the Bench asked the ASG to look into the matter and posted the case for further hearing on November 11.

The SIT has been charged with the responsibility of preparing a comprehensive action plan, including the creation of necessary institutional structures that can enable and strengthen the country’s battle against generation of unaccounted monies, and their stashing away in foreign banks or in various forms domestically. The SIT is vested with the responsibilities and duties of investigation, initiation of proceedings, and prosecution, whether in the context of appropriate criminal or civil proceedings of all issues relating to the matters concerning and arising from unaccounted monies of Hassan Ali Khan and the Tapurias; all other 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.

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