First decision of the Modi Government- to form SIT for black money
A Special Investigation Team (SIT) was formed on Tuesday May 27 to black money, money sitting in foreign banks and money laundering issues. This historic decision was taken on the very first meet of the cabinet ministers lead by Shri Narendra Modi.
Addressing a press conference, Law and Telecom Minister Ravi Shankar Prasad mentioned that the SIT will be chaired by former Supreme Court judge Justice MB Shah. The team will include Reserve Bank of India’s (RBI) deputy governor, Central Board of Direct Taxes (CBDT) chairman, revenue secretary and directors of Intelligence Bureau (IB), Research and Analysis Wing (RAW), Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) as members to enhance visibility and govern the crores of rupees hidden as black money.
Last week the Supreme Court had ordered the centre to set up a SIT within a week and this decision is in tandem with that order. The source of generation of black money are various which include the real estate sector, bullion and jewellery market, financial markets, public procurement, non-profit organizations, trade, international transactions involving tax havens and informal service sector etc. however this team’s responsibility will be to curb this menace, give a clean governance and to do justice to the public money.
Source- The Financial Express
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