SC orders SIT probe into illicit money stashed abroad
04 Jul 2011
Slamming the government for ''lethargy'' in tracing and getting back illicit money stashed abroad, the Supreme Court today appointed special investigation team (SIT) to probe the issue.
The SIT will be headed by former Supreme Court judge B P Jeevan Reddy, and will also comprise justice M B Shah, another former Supreme Court judge.
The team will include the chiefs of the Intelligence Bureau (IB) and Research and Analysis Wing (RAW). The SIT has been asked to file its first status report in the third week of August.
Coming down hard on the government, the apex court bench comprising justices B Sudershan Reddy and S S Nijjar also directed that the high-level committee constituted by the government to look into the issue of black money would ''forthwith'' be a part of the SIT.
The bench asked the government to disclose names of foreign bank holders against whom income tax proceedings have been concluded. It said the government could not have agreed with other countries under double taxation avoidance treaties not to disclose names of foreign bank account holders who have deposited illicit money abroad.
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 the LGT Bank in Lichtenstein.
The centre had opposed revealing the names of 26 account holders in LGT bank, saying it would violate bilateral agreements.
