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Monday, July 4, 2011

INDIA's BLACK MONEY: Supreme Court appoints SIT!

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PTI / The Hindu /  NEW DELHI, July 4, 2011.


Supreme Court on Monday appointed a high-level SIT to monitor the investigation and the steps being taken to bring back black money stashed away in foreign banks. File photo

The Supreme Court on Monday appointed a high-level Special Investigation Team (SIT) headed by former apex court judge B.P. Jeevan Reddy to monitor the investigation and the steps being taken to bring back black money stashed away in foreign banks.

Besides Justice Reddy, who will be the chairman of the SIT, the apex court also appointed its former judge, Justice M.B. Shah as the vice-chairman of the panel.

A bench comprising Justices B. Sudershan Reddy and S.S. Nijjar directed that the High-Level Committee (HLC) constituted by the government to look into the issue of black money would “forthwith” be a part of the SIT.

The bench also directed the government to disclose the names of all the persons who have been issued show cause notices by the authorities in connection with the probe into the black money issue.

The court, however, made it clear that the authorities would not disclose the names of those who have not been investigated in connection with deposits made in foreign banks including Liechtenstein bank.

The court passed the order on a petition filed by eminent jurist Ram Jethmalani and others seeking directions to the government to track black money stashed away abroad and bring it back.

The apex court directed the government to issue notification forthwith regarding the appointment of SIT and ordered that government machinery to cooperate with it.

The bench, while passing the order, made some hard-hitting observation against the Centre for its “failure” to take proper action against people who have illegally stashed away money in foreign banks.

Now that the Honourable Supreme Court of India has decided to Investigate the matter, can we hope to bring back all our black money stashed away abroad?

Another major factor is there at least several times of black money hidden within the India that also needs to be ferreted out!


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