SC appointed SIT detects 70 thousand crore rupees Black Money

Mar 3, 2017 09:09 IST

SC appointed SIT detects 70 thousand crore rupees black money Justice (retd) Arijit Pashayat, the Vice-Chairman of the Supreme Court-appointed Special Investigating Team (SIT) on black money, on 2 March 2017 said so far the amount of unearthed black money from across the country stands to Rs 70 thousand crore.

This Rs 70000 crore of black money includes more than Rs 16000 crore, which was detected after a probe was launched into the global leaks about Indians stashing funds abroad. It was unearthed through different schemes of the government.

SC reconstituted SIT headed by Justice MB Shah to probe into Black Money Cases

Justice Arijit Pashayat gave the information after a high-level meeting of SIT on black money. The meet was held in Cuttack. In addition to this, he also said that the SIT is hopeful that the amount will rise substantially in coming days.

Justice Pasayat also informed that the committee will submit its sixth report to the Apex court in the first week of April 2017.

Highlights of Justice Pasayat’s information

• He said the SIT during the past two years has made several recommendations through its interim reports to the Apex court for the Central government to check the generation and tap the black money at the source.

• He said, that on the SIT’s recommendation, the Government has already declared that cash transaction beyond Rs 3 lakh is to be treated as illegal and punishable.

Justice Shah headed SIT on black money recommends ban on cash transactions above 3 lakh rupees

The meeting assumes significance as it was held for the first time after demonetisation undertaken by the Union government.

About the SIT on Black Money

The SIT on black money was reconstituted by the Supreme Court on 1 May 2014. It was reconstituted with an aim to provide guidance and direction in investigation of all cases of black money in the country and abroad. The apex court appointed retired Judge MB Shah as its Chairman and retired Judge Arijit Pasayat as the Vice Chairman.

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