Govt pre-empts SIT, sets up panel to track black money
In an attempt to pre-empt a proposal to form a SIT, the Centre informed the SC that it would set up a 10-member high-powered supervisory committee to track black money.
By Dhananjay Mahapatra, TNN | Updated:
NEW DELHI: In an attempt to pre-empt a proposal to form a Special Investigation Team ( SIT), the Centre informed the SC on Monday that it would set up a 10-member high-powered supervisory committee to track black money and their linkage to terror funding and drug syndicates.
The revenue secretary will head the committee which will include directors of CBI, Enforcement Directorate (ED), Intelligence Bureau (IB), Directorate of Revenue Intelligence and chiefs of Central Board of Direct Taxes (CBDT), Narcotics Control Bureau (NCB), Financial Intelligence Bureau (FIU), Foreign Trade and Tax division as well as deputy governor of Reserve Bank of India (RBI).
“This committee will start work immediately. Every time any of the investigating agencies comes across some information about black money — both abroad and domestic — it will be shared with other agencies and investigation will be coordinated. The revenue secretary will submit periodic status reports to the court,” solicitor general Gopal Subramaniam said.
During the last hearing, the bench of Justices B Sudershan Reddy and S S Nijjar had asked the Centre to respond to why an SIT not be set up to track black money as the government appeared to have done nothing concrete and why names of foreign bank account holders who had stashed black money there not been disclosed.
The revenue secretary will head the committee which will include directors of CBI, Enforcement Directorate (ED), Intelligence Bureau (IB), Directorate of Revenue Intelligence and chiefs of Central Board of Direct Taxes (CBDT), Narcotics Control Bureau (NCB), Financial Intelligence Bureau (FIU), Foreign Trade and Tax division as well as deputy governor of Reserve Bank of India (RBI).
“This committee will start work immediately. Every time any of the investigating agencies comes across some information about black money — both abroad and domestic — it will be shared with other agencies and investigation will be coordinated. The revenue secretary will submit periodic status reports to the court,” solicitor general Gopal Subramaniam said.
During the last hearing, the bench of Justices B Sudershan Reddy and S S Nijjar had asked the Centre to respond to why an SIT not be set up to track black money as the government appeared to have done nothing concrete and why names of foreign bank account holders who had stashed black money there not been disclosed.
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