Rs 70,000 crore black money unearthed: SIT

Special Investigation Team (SIT) constituted on black money by the Supreme Court stated Rs 70,000 crore of black money was detected so far. SIT Deputy Chairman Justice Arijit Pasayat said the sixth report on it will be submitted to the apex court in April.

The Rs 70,000 crore of black money includes over Rs 16,000 crore detected after probe launched into global leaks about Indians stashing funds abroad, has been unearthed through different schemes of the government.

Meanwhile, Justice Pasayat said the SIT made several recommendations in the past two years through its interim reports to check generation of black money.

"While most of our recommendations have been accepted by the government, some are under active consideration to clampdown on black money" he said.

"One of our proposals, on cash holding of Rs 15 lakh or more to be presumed as undisclosed, is under serious consideration of the central government," Justice Pasayat said, adding that on the SIT's recommendation the government has already declared that cash transaction beyond Rs 3 lakh will be treated as illegal and punishable under law.