NEW DELHI : The Special Investigation Team (SIT) set up by the Centre to probe black money stashed by Indians abroad had its first meeting today during which the roadmap on how to proceed further was decided.
Sources privy to the meeting said that the SIT headed by former Supreme Court Judge M B Shah decided to examine whether some of the black money cases could be put on fast-track.
After nearly two-hour long deliberations, the Finance Ministry came out with a brief statement saying that “during the meeting, detailed modalities of proceeding further with the Supreme Court mandate were discussed and the roadmap decided.”
Without elaborating on the roadmap, the statement said the next meeting of the SIT will be convened shortly to take stock of the follow-up of the decisions taken at today’s parleys.
However, sources in the meeting said that probe agencies like Enforcement Directorate, the CBI and other financial probe agencies were asked to submit the number of black money and money laundering cases pending before them and the progress of the probe.
The meeting was chaired by 75-year-old Shah and attended by former Supreme Court Justice (retd) Arijit Pasayat as its vice chairman and top officials of 11 high-profile agencies and departments including Intelligence Bureau, Research and Analysis Wing, CBI and Enforcement Directorate.
According to the sources, framing of policy for tackling the menace of black money and the status of ongoing probes and available inputs with all the departments in this regard was discussed.
Neither Shah nor 69-year-old Pasayat spoke about the
deliberations at the meeting to the waiting journalists outside North Block which houses the Finance Ministry.
“It was a good meeting,” was all that Shah said.
The Terms of Reference for the SIT states that the elite team will investigate all matters “with respect to unaccounted monies being stashed in foreign banks by Indians or other entities operating in India that may arise in the course of such investigations and proceedings.”
Government had notified the creation of the SIT on May 27 after the Supreme Court had asked it to constitute the high—profile team comprising top bosses of the country’s premier investigation, enforcement and intelligence agencies.
SIT was constituted in the first Cabinet decision of the Narendra Modi government to implement the decision of the Apex Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.
The SIT, the Terms of Reference state, will also go into “all issues relating to matters concerning and arising from unaccounted monies of Hasan Ali Khan and Kashinath Tapuriah.”
Pune-based Khan is a stud farm owner, who was arrested by the Enforcement Directorate in connection with money laundering and tax evasion cases, while Tapuriah is his aide.
The other tasks of the SIT include all investigations already commenced and are pending or awaiting to be initiated, with respect to any other known instances of the stashing of unaccounted monies in foreign bank accounts by Indians or other entities operating in India.
The SIT will also ensure that the matters are investigated, proceedings initiated and prosecutions conducted with regard to criminality and/or unlawfulness of activities that may have been the source for such monies, as well as the criminal and/or unlawful means that are used to take such unaccounted monies out of and/or bring such monies back into the country and use of such monies in India or abroad, the Terms of Reference said.
It shall “also be charged with the responsibility of preparing a comprehensive action plan, including the creation of necessary institutional structures that can enable and strengthen the country’s battle against generation of unaccounted monies and their stashing away in foreign banks or in various forms domestically.”
The panel has been empowered “to further investigate even where charge sheets have been previously filed and that the SIT may register further cases and conduct appropriate investigations and initiate proceedings, for the purpose of bringing back unaccounted monies unlawfully kept in bank accounts abroad.”
The SIT will keep the apex court informed about all major developments by filing periodic status reports in this regard, the government notification said. (Agencies)
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