New Cabinet Sets Up SIT On Black Money

The Narendra Modi government has set up a special investigation team (SIT) to bring back the black money. The new Cabinet discussed two important issues – black money and the train accident in Uttar Pradesh – at its first meeting, which was chaired by Prime Minister Narendra Modi.

The Cabinet set up SIT to implement the Supreme Court’s order on unearthing the black money stashed abroad.

After the Cabinet meeting, Law Minister Ravi Shankar Prasad said, “This indicates the commitment of the new government to pursue the issue of black money in the light of the Supreme Court’s order.”

May 28 was the last date to notify a SIT in this regard, as per the Supreme Court order.

The SIT will be headed by retired Supreme Court judge, MB Shah, while another retired SC judge, Arijit Pasayat, will be its co-chairman. The revenue secretary, RBI deputy governor, the chairman of the Central Board of Direct Taxes and the directors of the Intelligence Bureau, the Enforcement Directorate, the CBI, the Financial Intelligence Unit and the Research & Analysis Wing will be other members of this team.

The SIT will be responsible for probe, initiation of proceedings and prosecution in the Hasan Ali case and other matters related to the issue. It will submit a status report to the court periodically.

In its May 23 order, the apex court had asked the Centre to set up a SIT within a week.