Black Money: RBI Asks Banks, FIs To Provide Information To SIT

The Reserve Bank of India (RBI) has asked all the banks and financial institutions to provide information sought by the special investigation team (SIT), set up to look into the issue of black money.

“All the banks and financial institutions are advised to ensure that information/documents required by the SIT are made available as and when required," the RBI said.

The SIT, under the chairmanship of Justice (retired) MB Shah, was constituted by the Narendra Modi government on its first day in office. The SIT has jurisdiction in all cases, be it ongoing investigations or those waiting to be initiated or cases which have been completed.

Meanwhile, Finance Minister Arun Jaitley said the government would write to the authorities in Switzerland, seeking details regarding Indians with unaccounted money in Swiss banks.

According to the latest data released by the Swiss National Bank, Switzerland's central bank, Indian money in various Swiss banks increased 43% in 2013 to almost Rs 14,000 crore. Switzerland said it is looking forward to working together with India’s new government in its fight against black money.