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<a href="http://www.businessinsider.in/searchresult.cms?query=SIT&amp;sortorder=effectivedate">Special Investigation Team</a> (SIT) constituted on <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a> by the <a href="http://www.businessinsider.in/searchresult.cms?query=supreme+court&amp;sortorder=effectivedate">Supreme Court</a> stated Rs 70,000 crore of <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> 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.

Rs 70,000 crore black money unearthed: SIT

The <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> government has set up a special investigation team (<keyword id="45814" type="ORGANIZATION" weightage="100" keywordseo="SIT">SIT</keyword>) to bring back the <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword>. 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 &amp; 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.

New Cabinet Sets Up SIT On Black Money

The <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> government is likely to reveal about 60 more names against which prosecution for tax evasion has been initiated, as per media reports. The reports further suggest said that the list may include the names of some business houses and individuals. 
 The income tax department has already finished the investigation and it has also initiated prosecution proceedings against them in accordance with the directions of the Supreme Court-appointed special investigation team (<keyword id="45814" type="ORGANIZATION" weightage="20" keywordseo="SIT">SIT</keyword>). 
 
The total amount of money in these accounts is approximately Rs 1,500-1,600 crore. 
 “The disclosure of these names is part of the government’s commitment to curb cases of <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> and of illegal funds stashed abroad by Indians. The income tax department aims to get conviction in these cases very fast,” PTI reported. 
 In December last year, the SIT, headed by Justice MB Shah, had submitted its report to the Supreme Court revealing the names on the <keyword id="6358584" type="CITY" weightage="20" keywordseo="HSBC">HSBC</keyword> list.

Govt to reveal 60 more names in black money case

The Special Investigation Team (<keyword id="45814" type="ORGANIZATION" weightage="100" keywordseo="SIT">SIT</keyword>), constituted to investigate the <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword> stashed abroad, is likely to submit an action taken report on its findings and recommendations to the <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword> today. 
 
The SIT, headed by retired Supreme Court judge Justice MB Shah, met for the first time on June 2 and then separately held meetings with different departments and agencies over a period of two months. 
 
The SIT is understood to have chronicled a number of potential black money and illegal foreign funds cases. 
 
A detailed report on the findings and recommendations made by the panel is also believed to have been prepared by the panel.

SIT May Submit Report On Black Money Today

The Special Investigation Team (<keyword id="45814" type="ORGANIZATION" weightage="100" keywordseo="SIT">SIT</keyword>) on <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword> today said it will investigate thoroughly the reported secret list of about 500 prominent Indians including actors, politicians and businessmen who have allegedly stashed money in offshore entities in tax haven Panama. 
 
"Investigations are being carried out. We are going to investigate it (the list) thoroughly," SIT Chairman Justice (retd) M B Shah told PTI. 
Asked if the SIT had any information on these names, he said the panel got it today. 
 
"No. We got the information just now," he said. 
 
The Vice Chairman of the panel, Justice (retd) Arijit Pasayat, said they have asked agencies like the Enforcement Directorate, IT Department and the Directorate of Revenue Intelligence to make an assessment of the list and prepare a report in this regard. 
 
"We want to know what is the truth behind these. The SIT did not have these reports. Maybe, the investigative agencies had. So, once they submit a report to us then we can take the required action," Pasayat said. 
 
The list has been brought by the International Consortium of Investigative Journalists (ICIJ) in collaboration with news publications across the globe including India and pertains to offshore investments made by Indians between a period of 1977 and 2015. 
 
The latest list, after similar ones came in the the past like 'Swiss leaks' and the HSBC-list related to Indians, claims it has sourced data in connection to millions of documents which show heads of state, criminals and celebrities using "secret hideaways" in tax haven country of Panama. 
 
However, ICIJ adds a disclaimer that there are also "legitimate uses for offshore companies". 
 "The <keyword id="3309646" type="UNKNOWN" weightage="100" keywordseo="panama-papers">Panama papers</keyword> expose the internal operations of one of the world's leading firms in incorporation of offshore entities, Panama-headquartered Mossack Fonseca. The 2.6 terabytes of data that make up the Panama Papers files were obtained by German newspaper Suddeutsche Zeitung and shared with ICIJ and more than 100 media partners... 
"ICIJ will release the full list of companies and people linked to them in early May," the ICIJ said on its web portal as it called the leaks "The Panama Papers". 
 
Official sources said the Income Tax department has "taken cognisance" of the news reports and are "looking into it" as per the directions of the panel. 
 
"Other agencies in the panel will act as and when the data is shared on the SIT platform," they said. 
 
They, however, said some of the entities named in the list are already being investigated by ED and IT Department either by way of their disclosures made to them under the law or by way of intelligence inputs received in the past. 
 
The international organisation said it possesses digital records and documents, emails and invoices to authenticate its claims which talk about multiple personalities and entities from across the globe. 
 
The links published today by ICIJ names at least two people with Indian connections whereas the collaborating newspaper, 'The Indian Express', named about a dozen individuals and entities in the case. 
 
The setting up of the SIT on black money was notified by the government in 2014 on the direction of the Supreme Court to look into cases of Indians holding illegal assets overseas 
 
 Image credit: Indiatimes

Panama Papers Leak: Black money SIT to investigate list

Centre today told the <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword> that information on <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword> given by foreign countries cannot be made public. The next hearing in the case will take place on October 28. 
 Senior advocate <keyword id="38062" type="PERSON" weightage="80" keywordseo="Ram-Jethmalani">Ram Jethmalani</keyword> said that this is an attempt by the government to shield those who have stashed black money abroad. 
 Prime Minister Narendra Modi-led government had, on its first day in office, constituted a high-powered special investigation team (<keyword id="45814" type="ORGANIZATION" weightage="60" keywordseo="SIT">SIT</keyword>) to look into the issue of black money. 
 
The government has given the SIT a free hand to probe the issue. It will file periodic status reports to the Supreme Court. 
 
The Supreme Court had asked the government to set up a SIT to probe individuals whose names were disclosed by Germany for having accounts in that country.

Info On Black Money Cannot
Be Made Public: Centre To SC

Finance Minister <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has said that unauthorised disclosure of names in the <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword> case can sabotage investigation and help the guilty evade punishment. 
 "An unauthorised disclosure of information is fraught with both investigation and economic consequences. They can sabotage the investigation. They can attract sanctions in the form of withholding taxes," he said in a Facebook post following Prime Minister <keyword id="6354477" type="PERSON" weightage="60" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s promise to bring back every penny of black money stashed abroad. 
 Lashing out against the Congress for demanding disclosure of names in violation of tax treaties, Jaitley said, "The Congress Party’s stand is understandable. It does not want evidence to be forthcoming in support of the names available with <keyword id="45814" type="ORGANIZATION" weightage="100" keywordseo="SIT">SIT</keyword>." 
 
He also expressed hope that the special investigation team (SIT) will be able to find out the truth. "The NDA Government has had an exemplary record in this matter... It will continue to support the SIT fully and unequivocally in search of truth," he said. 
 
During his <keyword id="2543878" type="UNKNOWN" weightage="60" keywordseo="Man-ki-Baat">Man ki Baat</keyword> address on All India Radio, Modi had said that he would bring back every penny of black money to India. "I want to tell the people that please have faith in this pradhan sevak (prime servant) of yours...that this is an article of faith that every paisa that has gone will come back," he said. 
 
Last week, the government had submitted the details of 627 foreign bank account holders to the Supreme Court in sealed envelopes.

Black Money: Unauthorised Disclosure Of Information Can Sabotage Investigation, Says Jaitley

The <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has asked all the banks and financial institutions to provide information sought by the <keyword id="6367920" type="ORGANIZATION" weightage="100" keywordseo="Special-Investigation-Team">special investigation team</keyword> (SIT), set up to look into the issue of <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword>. 
 
“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.

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

The <a href="http://www.businessinsider.in/searchresult.cms?query=Special+Investigation+Team">Special Investigation Team (SIT)</a> is leaving no stone unturned to unearth <a href="http://www.businessinsider.in/searchresult.cms?query=black+money">black money</a> and the tax authorities are in a haste to file cases against people having illicit money stashed abroad. Following this, the foreign bank account holders are now under pressure and crowding tax tribunals to either stop persecution or to disclose their names. 
 
However, as per lawyers and chartered accountants, the tax authorities are showing inappropriate haste in filing criminal cases for concealment of income, even when appeals are pending before adjudicatory forums. 
 The name of KK Modi, chairman of Modi group, allegedly appeared in the <keyword id="6358584" type="CITY" weightage="20" keywordseo="HSBC">HSBC</keyword> list after which he moved the <a href="http://www.businessinsider.in/searchresult.cms?query=ITAT">Income Tax Appellate Tribunal (ITAT)</a> seeking a stay on prosecution proceedings initiated against him. Modi denied any comment and said that he was not aware of any such account in any foreign bank which has around Rs 3 crore deposited. 
 As per an <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">income tax</keyword> officials aware of the matter, Modi has paid taxes under protest but refused to sign the consent form. The matter was presented in front of the <keyword id="6402350" type="ORGANIZATION" weightage="20" keywordseo="ITAT">ITAT</keyword> last week and another date has been fixed for the hearing. 
 
Meanwhile, in June this year, the tax authorities issued a show-cause notice, under Sections 276 (c) and 276 (d) of IT Act, for initiation of prosecution proceedings for alleged concealment of income. A questionnaire was sent to Modi's office, requesting a formal response, but his spokesman Harmanjit Singh refused to comment. 
 Modi’s advocate in ITAT, senior advocate Ajay Vohra also refused to comment on the matter. The <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword>'s representative questioned the jurisdiction of ITAT to hear the petition by Modi seeking a stay, since the matter had to do with a criminal case. 
 
The representative informed the tribunal that "on the Swiss account, Mr Modi's address is there, mobile number is there, we conducted a search, he conceded and paid taxes but they are refusing to own up the transaction, and also refusing to sign the consent form." However, Modi's lawyer denied owning the account. "When the Swiss account doesn't belong to me, I have no locus to sign the consent form." He also informed the tribunal that his appeal has been dismissed by CIT (Appeals). 
 
However, according to official sources, the ITD had initiated prosecution proceedings against Modi, even before the appeal could be disposed of by CIT (Appeals). 
 
Similarly, in cases of Sanjiv Gupta, Pradip Burman, Rear Admiral PN Aggarwal, all foreign account holders, appeals were pending before CIT (appeals), but criminal proceedings were initiated against them. This issue also figured in Bishwanath Garodia's case, another HSBC account holder, who has got relief from Calcutta high court. 
 
The court order, reviewed by Economic Times says, no steps can be taken against Garodia, "till the appeal pending before the Commissioner (appeals) is disposed of." 
 
On May 7, this year CJM Alipore had issued summons against Bagrodia, on a complaint filed under section 276 (c), by tax authorities. Garodia had claimed that the "issue regarding the alleged concealment of income by the writ petitioner by maintaining an account with HSBC, Geneva, Switzerland is sub judice before the Commissioner (Appeals) Central -21, Kolkata." 
 The high court order also mentioned about an SC observation in Commissioner of Income Tax vs Bhupen Champak Lal Dalal case, wherein the apex court affirmed the order of the <keyword id="48485" type="ORGANIZATION" weightage="20" keywordseo="Bombay-high-court">Bombay High Court</keyword>, staying criminal proceedings. It said, "when ultimately the result to come out of the proceedings before the appellate authorities would have a definite bearing on the cases alleged against the respondents, we find that the high court order is justified in granting the interim order it did." 
 
Image: thinkstock

Black Money: Foreign bank account holders accuse tax authorities of haste in filing complaints

NEW DELHI: The incoming BJP government with <keyword id="6354477" type="PERSON" weightage="40" keywordseo="Narendra-Modi">Narendra Modi</keyword> as PM will withdraw from the <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> the UPA government's petition filed on May 16, when trends had indicated its drubbing in the <keyword id="6355187" type="ORGANIZATION" weightage="40" keywordseo="Lok-Sabha">Lok Sabha</keyword> polls, seeking recall of the court's direction to constitute a Special Investigation Team (SIT) on black money. 
 
A top BJP source told TOI that they would withdraw the petition. "We will deal with it after the government formation process gets over and law officers are in place," the source said. 
 The UPA government's petition, which sought review of the court's May 4 order, also said it would not divulge the names of LGT Bank account holders to petitioner <keyword id="38062" type="PERSON" weightage="40" keywordseo="Ram-Jethmalani">Ram Jethmalani</keyword> as it would violate the confidentiality clause in the double taxation avoidance treaty between India and Germany. 
 
In fact, the new review petition reiterated the grounds it had raised in its earlier petition seeking review of the court's July 4, 2011 judgment directing setting up of an SIT headed by a retired SC judge as well as revealing the names of LGT Bank account holders. 
 
After the court dismissed the review petition on May 1 and directed the government three days later to notify the SIT headed by Justice M B Shah, with Justice Arijit Pasayat as his deputy, the UPA government moved the petition seeking to wriggle out of the mandate of the July 4, 2011 judgment, which was reiterated in the May 1 and 4 orders. 
 
The review petition listed 53 grounds, including elaborate arguments on separation of power, virtually telling the court that it was encroaching into the executive's domain by passing orders on how to deal with black money. 
 The <keyword id="6360789" type="ORGANIZATION" weightage="40" keywordseo="Modi-Government">Modi government</keyword> would have found it difficult to endorse the UPA's last petition in the SC as it has been a votary of acting tough against those who stash illegal money in foreign banks. In fact, it had made it an election issue.

Modi Set To Lift UPA's Veil On Black Money

Relaxing the ‘confidentiality clause’ of its banking system, <keyword id="103" type="COUNTRY" weightage="100" keywordseo="Switzerland">Switzerland</keyword> has prepared a list of Indians holding accounts in various Swiss banks and it will share the same with India. The quantum of <keyword id="6356023" type="UNKNOWN" weightage="100" keywordseo="Black-Money">black money</keyword> stashed abroad ranges between $500 billion and $1,400 billion. A study conducted by Global Financial Integrity has estimated the black money outflow to be $462 billion. 
 
The development has come as a shot in the arm for the government, which had set up a special investigation team (SIT) to probe black money stashed abroad. It would help in prosecuting the offenders. This was the new government’s first decision after coming to power. 
 
Justice Arijit Pasayat, SIT vice-chairman, said, “Swiss authorities are preparing the list and will hand it over to the government, which will then forward it to us for scrutiny. We have discussed the matter with other members of the SIT. Our job will be made easier if it comes out to be what it looks like and we will take suitable action. This is a breakthrough t in the fight against black money. Till now, the impression was that Switzerland is creating hurdles in this battle.” He has regarded the step taken by Swiss authorities as a very encouraging sign. 
 
Till now, any information that India has got about black money has been through the leaked lists of account holders shared by other countries excluding Switzerland. 
 
Swiss authorities are identifying the real owners of funds stashed in various banks in the country, said a senior Swiss government official. “These individuals and entities are suspected to have held un-taxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based in countries other than India," the official added.

Switzerland To Reveal The Names Of Indian Account Holders

Senior advocate <keyword id="38062" type="PERSON" weightage="20" keywordseo="Ram-Jethmalani">Ram Jethmalani</keyword>, who has been fighting the legal battle to bring back <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> stashed money abroad, has expressed disappointment over the government's failure in recovering the black money. He called the government's response on the issue a "total disappointment." 
 "I am not recovering my money, but the nation's money. Till a legislation is passed, not a farthing will come. I drafted a law and sent a copy to the Prime Minister. It has been passed on to the finance ministry. Are they in favour of this legislation? If they don't want to do it, they should let it be known. Otherwise, I will go to the real sovereign — the people," said Jethmalani, a former member of the <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword>. 
 The BJP had promised to bring back black money during the election campaign. It had also constituted a special investigation team (SIT) to look into this. “But not a single rupee has been brought back in the last six months,” Jethmalani's lawyer Anil Divan told the Supreme bench of Chief Justice HL Dattu and justices <keyword id="135052" type="PERSON" weightage="20" keywordseo="Madan-B-Lokur">Madan B Lokur</keyword> and AK Sikri. 
 
Jethmalani had played a key role in filing a public interest litigation (PIL) on the issue of black money.

Not A Single Rupee Has Been Brought Back In The Last 6 Months: Ram Jethmalani

Amid the entire hullabaloo about the <a href="http://www.businessinsider.in/searchresult.cms?query=Panama+papers&amp;sortorder=effectivedate">Panama Papers Leaks</a>, it has turned out that many of the Indians, who have been named in the massive leaks for off-shoring their money to tax havens, used <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI’s</a> Liberalised Remittance Scheme (LRS). 
 Under LRS, which was introduced in 2004 with a cap of $25,000 and was raised to $2,50,000, remittances up to that amount are allowed by a resident individual in one financial year. It was only last year that a law was introduced on undisclosed accounts that will face action under the <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> law. 
 
The LRS also allows buying immovable property, investment in equity and debt, and donations and gifts. As per an ET report, about $1.3 billion was transferred out of the country in FY15 through LRS. 
 More than 500 Indians have been named in the <keyword id="3310338" type="UNKNOWN" weightage="20" keywordseo="panama-papers-leaks">Panama Papers Leaks</keyword>, including celebrities and politicos. As per preliminary enquiry, 90 per cent of Indians chose LRS route. 
 
READ ALSO: <a href="http://www.businessinsider.in/Panama-Paper-Leaks-My-name-has-been-misused-says-Amitabh-Bachchan/articleshow/51701994.cms">Panama Paper Leaks: "My name has been misused," says Amitabh Bachchan</a> 
 "About 90% of these accounts have used <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>'s liberalised remittance scheme (LRS) but the rest should be prepared to face the music," a government official told ET. 
 
However, the government has said that the wrongdoers will be brought to books as tax authorities will seek information from other jurisdictions listed in the Panama Papers with which India exchanges information as part of bilateral or global treaties. 
 
READ ALSO: <a href="http://www.businessinsider.in/Panama-Papers-Leak-Black-money-SIT-to-investigate-list/articleshow/51685352.cms">Panama Papers Leak: Black money SIT to investigate list</a> 
 
Black money became a major political plank also when the Bharatiya Janata Party (BJP) claimed to bring the money back in India. 
In his <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2016&amp;sortorder=effectivedate">Budget 2016</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> announced a compliance window, giving a chance to come clean on black money. 
 
READ ALSO: <a href="http://www.businessinsider.in/These-comics-explain-the-Panama-Paper-Leaks-so-easily-that-even-a-5-year-old-would-get-it/articleshow/51699430.cms">These comics explain the Panama Paper Leaks so easily that even a 5-year-old would get it</a>

Majority of Indians named in Panama Papers Leaks may
have used a legal route to have offshore assets

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Ruben SprichBlackRock CEO Larry Fink is betting big on Aladdin.</div></div></div><ul class="summary-list"><li>BlackRock has created a new group that's focused on managing the tech projects it has planned for Aladdin, risk and portfolio management technology system according to <a href="https://www.linkedin.com/jobs/view/1541801254/">a recent job posting</a>. </li><li>The $6.9 trillion asset manager is betting that Aladdin will be a long-term money maker used by both institutional and wealth management clients.</li><li><a href="https://www.businessinsider.com/blackrocks-wealth-platform-is-bringing-in-more-business-for-financial-advisors-2019-4">The Aladdin Studio</a>, a suite of tools that allows developers to customize and tweak Aladdin, is one of the most recent examples of BlackRock's attempt to keep pace with the evolving needs of its customer base. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>It appears the world's largest asset manager has some big plans for one of its crown jewels.BlackRock, the $6.9 trillion New York-based asset manager, <a href="https://www.linkedin.com/jobs/view/1541801254/">posted a job opening</a> that's a nod towards the number of changes it hopes to bring to its widely-used Aladdin risk and portfolio management technology system.The asset manager is hiring for its Strategic Initiatives Office, a newly formed group that sits within the Aladdin Product Group and looks to "structure, and program manage strategic initiatives as APG enters its next evolution," according to a job posting for the role <a href="https://www.linkedin.com/jobs/view/1541801254/">on LinkedIn</a>. A spokesperson for BlackRock declined to comment on the posting. See more: <a href="https://www.businessinsider.com/technologists-most-innovative-wall-street-goldman-jpmorgan-blackrock-bridgewater-2019-9">POWER PLAYERS: Meet the 8 executives leading the most innovative tech projects on Wall Street</a>The group's responsibility will be to oversee and guide new projects that are currently being worked on for Aladdin for the more than 25,000 investors who use it. That includes tech initiatives involving the cloud or the developer experience, according to the post. Other areas of focus will be commercial efforts, such as those around ETF servicing.BlackRock is betting that Aladdin will be a long-term money maker used by both institutional and wealth management clients. As investors seek ever-cheaper funds, the tech play is a major differentiator from asset managers focused on traditional investment strategies.BlackRock CEO Larry Fink <a href="https://www.businessinsider.com/blackrock-buys-tech-platform-efront-for-13-billion-2019-3">has for years talked about the firm's future more as a tech company than a traditional money manager.</a>One <keyword id="46801" type="COMPANY" weightage="60" keywordseo="prime">prime</keyword> example of BlackRock's intentions to keep up-to-speed on the desires of its clients is <a href="https://www.businessinsider.com/technologists-most-innovative-wall-street-goldman-jpmorgan-blackrock-bridgewater-2019-9#david-woodhead-technical-strategy-lead-for-blackrocks-aladdin-studio-2">Aladdin Studio</a>. The suite of tools allows developers to open up Aladdin for customizations and modifications around investment research, analytics and automation of day-to-day processes.Currently more than 3,000 developers use Aladdin Studio, and there are plans to attract even more via a wider adoption of open-source technology. Read more: <a href="https://www.businessinsider.com/blackrocks-wealth-platform-is-bringing-in-more-business-for-financial-advisors-2019-4">BlackRock says its Aladdin Wealth unit's helping it 'be part of the infrastructure,' and it could drive even more money to the world's largest asset manager</a>Aladdin has seen consistent evolution recently. The system was opened up for use by wealth managers such as UBS, Morgan Stanley, and HSBC, over the past two years. <a href="https://www.businessinsider.com/blackrocks-wealth-platform-is-bringing-in-more-business-for-financial-advisors-2019-4">In an April earnings call</a>, Fink suggested "there is evidence of increased flows to BlackRock" among Aladdin Wealth users. In Tuesday's <a href="https://markets.businessinsider.com/news/stocks/blackrocks-third-quarter-earnings-beat-expectations-profits-down-8-percent-2019-10-1028598914">third quarter earnings report</a>, BlackRock reported technology services revenue up 30% to $259 million, which was 7% of the firm's total revenue. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/wework-ipo-valuation-money-coworking-office-space-real-estate-2019-9">WeWork went from a $47 billion valuation to a failed IPO. Here's how the company makes money.</a></h3> <div> </div> </div>

A recent BlackRock job posting hints at how it's looking to innovate around its crown jewel Aladdin tech platform - and shows it wants to be more than an asset manager

You Searched For "SIT on black money" and got 14 results

Rs 70,000 crore black money unearthed: SIT

BI India Bureau

New Cabinet Sets Up SIT On Black Money

BI India Bureau

Govt to reveal 60 more names in black money case

BI India Bureau

SIT May Submit Report On Black Money Today

BI India Bureau

Panama Papers Leak: Black money SIT to investigate list

BI India Bureau

Info On Black Money Cannot Be Made Public: Centre To SC

BI India Bureau

Black Money: Unauthorised Disclosure Of Information Can Sabotage Investigation, Says Jaitley

BI India Bureau

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

BI India Bureau

Black Money: Foreign bank account holders accuse tax authorities of haste in filing complaints

BI India Bureau

Modi Set To Lift UPA's Veil On Black Money

Times Of India

Switzerland To Reveal The Names Of Indian Account Holders

BI India Bureau

Not A Single Rupee Has Been Brought Back In The Last 6 Months: Ram Jethmalani

BI India Bureau

Majority of Indians named in Panama Papers Leaks may have used a legal route to have offshore assets

BI India Bureau

A recent BlackRock job posting hints at how it's looking to innovate around its crown jewel Aladdin tech platform - and shows it wants to be more than an asset manager

Dan DeFrancesco

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