M A I N   N E W S

Black money cases
SIT to be notified by next week

New Delhi, May 25
The government is expected to bring out a notification by next week for creation of a Special Investigation Team (SIT) that will have “jurisdiction over all cases” of unaccounted funds or black money stashed by Indians abroad.

The SIT will be headed by former Supreme Court judge MB Shah with Justice Arijit Pasayat (retd) being the vice-chairman. Heads or top officers of 10 investigative and enforcement agencies of the country will be members of the exclusive panel.

The terms of reference for the SIT stipulate that it “shall have jurisdiction over all the cases, where investigation has already commenced or pending or awaiting to be initiated or have completed” with regard to instances of black money and illicit funds generated and sent to overseas destination and tax haven nations.

Sources in the Finance Ministry said a notification citing the terms of operations and final constitution of the SIT “would be made very soon” and most likely “by next week”.

The Supreme Court on May 23 had granted a week’s time to the Centre to set up SIT under Shah to monitor all black money cases as per its direction.

“The SIT will prepare a comprehensive action plan including the creation of necessary institutional structure that can enable the country to fight a battle against generation of unaccounted money,” the terms of reference for the SIT said.

“The SIT shall report to the court and inform the court of all major developments by filing periodic status reports from time to time and for this purpose, the Union of India shall accord all necessary financial material, legal, diplomatic resources both inside and outside the country to the SIT.”

The departments or officers that would form part of the SIT include Secretary of the Department of Revenue under the Ministry of Finance, a nominated Deputy Governor of RBI, Director of the Intelligence Bureau, Director of Enforcement, Director CBI, CBDT Chairman and Director General Narcotics Control Bureau.

Also, DG Directorate of Revenue Intelligence, Director Financial Intelligence Unit and Joint Secretary (Foreign Tax and Tax Research) in the Finance Ministry will be its members.

The apex court had on May 1 directed the Centre to hand over within three days all documents and information collected by it in its probe in the cases of alleged stashing of black money in LGT bank in Liechtenstein, Germany, to Ram Jethmalani and others who raised the issue before it.

Justice Shah, who was earlier appointed as vice-chairman by a July 4, 2011 order, will take the place of former apex court judge B P Jeevan Reddy, who expressed his inability to continue as Chairman due to personal reasons. — PTI

10 probe agency heads on panel

• On May 23, the SC had given the Centre a week to set up an SIT under former SC judge MB Shah to monitor all black money cases
• The SIT will have 'jurisdiction over all cases' of unaccounted funds or black money stashed by Indians abroad
• Heads or top officers of 10 investigative and enforcement agencies of the country will be members of the exclusive panel