Clueless SIT turns to citizens for information on black money holders

Stern directions from the Supreme Court on unearthing black money and prosecution of holders of illegal foreign bank accounts seem to have given new direction to the Special Investigation Team. In its search for leads, the SIT has now decided to turn to the general public for information on funds stashed abroad. Realising that the SIT has a herculean task at hand and needs to race against time to meet the November-end deadline set by the Supreme Court for filing a status report, SIT chairman and former Supreme Court judge M.B. Shah said: "Within three or four days we will be issuing an advertisement on television and in the print media, which will have an email ID and a phone number that can be used by the public to give information on black money accounts. They should have proof, detailed and specific data and not rumours or speculation about any information they have on the alleged holders of black money," he told reporters.

Though Shah made it clear that the help is required to expand the ambit of the probe beyond the list of 627 offshore account holders submitted by the government, he hinted assistance may also be needed to probe the existing names.

Questions have already been raised as to whether this effort to seek help from the public means that the SIT's coordination with the Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and the income tax department has not yielded the desired results so far.

The court's help

Shah said the apex court's latest directions will help expedite the probe. He said the names of whistleblowers will be kept secret. "At present, we are looking at 627 names but we are trying to get other names as well. The report will be exhaustive," said Shah.

Making it clear that "the biggest names will be caught, whoever has looted this country will be caught and punished- economically or otherwise," Shah said: "I don't agree that the big fish will get away. Everybody is equal before us."

SIT vice-chairman, former Supreme Court judge Arijit Pasayat, added in a lighter vein: "As judges of the Supreme Court, we have decided a number of cases against big personalities of the country. We won't bother who is big. We will treat them equally with the poorest person of the country."

Shah added: "We have also shared the information we have on black money with the ED and the CBI... I am 100 per cent confident that we will meet the March 31, 2015 deadline set by the apex court to complete the probe and to give the first status report by the end of November."

Referring to double taxation avoidance treaties and agreements signed with other countries nations that prevent the government from revealing everything related to the alleged hoarding of illegal money by Indians in foreign banks, Shah said, "Yes, confidentiality is an international agreement and we can't violate it."

'Fast pace'

Pasayat said: "The investigation in all black money cases is moving at a very fast pace and all the agencies have their task clear. I am sure it will give us good results. I don't think the speed is slow as the investigation of tax and other such cases involves procedures of law. The agencies are doing it and the SIT is seeing to that."

The SIT, which was notified on May 29, held its first meeting on June 2. Its members include the Revenue Secretary, Deputy Governor of the Reserve Bank of India, Directors of the Intelligence Bureau, ED, CBI, Financial Intelligence Unit and Research and Analysis Wing. The chairman of the Central Board of Direct Taxes, Directors General of the Narcotics Control Bureau and DRI, and the Joint Secretary (Foreign Tax and Tax Research Division I) are also members of the group.

The Supreme Court has been monitoring the black money case since 2009 following a petition filed by senior lawyer Ram Jethmalani.

'Stay out'

It repeatedly rebuked the previous Congress government for inaction on the issue.

This week, the NDA government faced the court's ire after it came up with the names of seven low-profile businesspersons with foreign bank accounts. A bench headed by Chief Justice H.L. Dattu said: "We realise we can't leave the issue of bringing back black money to the government. You please don't investigate. Just cooperate with the SIT."

On Wednesday, the court virtually thwarted attempts by the government to go slow in the probe by citing its "sovereign treaty making powers" and sternly asked it to "just go the whole hog to unearth the money" and leave other worries to the SIT.