RBI directed Banks and FIs to provide information to SIT
RBI directed all banks and financial institutions to provide information and documents to the Special Investigation Team.
The Reserve Bank of India (RBI) on 23 June 2014 directed all banks and financial institutions to provide information and documents to the Special Investigation Team (SIT).
The SIT under the chairmanship of former Justice M B Shah was constituted by the Union government on 27 May 2014. The panel was constituted in pursuance of the May 2014 judgement of the Supreme Court.
The panel has jurisdiction in cases where investigations have commenced or are waiting to be initiated or have been completed.
India requested the Switzerland government to expeditious sharing of bank information, that is, the details of Indians having unaccounted money in Swiss banks.
According to central bank of Switzerland (SNB), Indian money in various Swiss banks rose by 43 percent during 2013 to close to 14000 crore rupees, including the money held directly by Indian clients and those through fiduciaries or wealth managers.