SC appointed SIT detects 70 thousand crore rupees Black Money

Posted on:03 Mar 2017 17:48:59
SC appointed SIT detects 70 thousand crore rupees Black Money
03 March 2017 Current Affairs: Justice (retd) Arijit Pashayat, the Vice-Chairman of the Supreme Court-appointed Special Investigating Team (SIT) on black money, on 2 March 2017 said so far the amount of unearthed black money from across the country stands to Rs 70 thousand crore.

This Rs 70000 crore of black money includes more than Rs 16000 crore, which was detected after a probe was launched into the global leaks about Indians stashing funds abroad. It was unearthed through different schemes of the government.

Justice Arijit Pashayat gave the information after a high-level meeting of SIT on black money. The meet was held in Cuttack. In addition to this, he also said that the SIT is hopeful that the amount will rise substantially in coming days.

Justice Pasayat also informed that the committee will submit its sixth report to the Apex court in the first week of April 2017.

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.

He said, 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

The meeting assumes significance as it was held for the first time after demonetisation undertaken by the Union government.

 

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