You are using an older browser version. Please use a supported version for the best MSN experience.

SIT: Rs 70K cr black money detected

Pioneer logo Pioneer 03-03-2017 Syndigate.info

CUTTACK, March 3 -- Deputy Chairman of Supreme Court-appointed Special Investigating Team (SIT) on black money Justice Arijit Pasayat on Thursday disclosed that the Government of India executing various schemes at different times have so far detected around Rs 70,000 crore in black money, including overRs 6,000 crore detected after investigating into global leaks about Indians stashing funds abroad.

After a meeting with officers of several Government agencies dealing with economic and financial affairs here, Justice Pasayat informed that the SIT would submit its sixth interim report to the Supreme Court in the first week of April.

He said the SIT during the past two years has made several recommendations through its interim reports to the apex court for the Central Government to check the generation and tap the black money at the source. "While most of our recommendations have been accepted by the Government, some are under active consideration to clamp down on black money," he said.

"Our proposal on holding of cash of Rs 15 lakh or above to be presumed as undisclosed is under serious consideration of the Government," Justice Pasayat said, adding that on the SIT's recommendation, the Government has already declared that cash transaction beyond Rs 3 lakh is to be treated as illegal and punishable.



On Odisha-specific economic offences and unearthing of black money, Justice Pasayat said the day's meeting was specifically convened to ensure a smooth coordination between all the investigating agencies in sharing their findings with other agencies for easy detection of ill-gotten money.

He said he has asked the State Crime Branch, which is investigating into various wrongdoings of private educational institutions, jewellery shops, real estate companies, self-styled godmen, mafia dons, to share their findings with Income Tax and Enforcement Directorate sleuths for a thorough probe from every possible angle.

Published by HT Syndication with permission from Pioneer.

ALSO SEE: World's most beautiful banknotes

A collection of the most beautifully designed banknotes from around the world. World's most beautiful banknotes

More from Pioneer

image beaconimage beaconimage beacon