RBI directs banks, FIs to support SIT's black money probe
24 June 2014
The Reserve Bank of India (RBI) has directed all banks and other financial institutions operating in the country to cooperate fully with the investigations being carried out by the Special Investigation Team (SIT) to unearth black money.
The SIT, headed by Justice MB Shah was constituted by the central government in pursuance of Supreme Court Judgment of 4 July 2011.
''All organs agencies, departments and agents of the state, whether at the level of the union of India, or the state government, including but not limited to all statutorily formed individual bodies, and other constitutional bodies extend all the cooperation necessary for the functioning of the Special Investigation Team.
''The union of India and where needed the state government will facilitate the conduct of the investigations, in their fullest measures, by the Special Investigation Team and functioning, by extending all necessary financial, material, legal, diplomatic and intelligence resources, whether such investigations or portions of such investigations occur inside the country or abroad,'' RBI said in its directive to banks and other financial institutions.
RBI has advised all banks and financial institutions to ensure that information / documents required by the SIT are made available as and when required.
The SIT has jurisdiction in cases where investigations have commenced or are waiting to be initiated or have been completed. The SIT held its first meeting on 2 June.
Earlier in the day, finance minister Arun Jaitley said the government will write to Switzerland seeking details of Indians with unaccounted money in Swiss banks.