SIT Traces Black Money

At least Rs 70,000 crore black money has been traced in the country post demonetization, Vice Chairman of Special Investigation Team (SIT) on Black Money Justice Arijit Pasayat revealed here today.

Justice Pasayat was speaking to Media after the first meeting of SIT since demonetization. He 
said the retrieved black money has since been deposited in the Government Exchequer.

Briefing details on the discussions at the meeting he said, the SIT has been insisting on sharing of investigation by different Government agencies and these agencies were working in tandem, he said.

He said that in some sectors, more coordinated efforts are needed for effective investigation.

He said the Crime Branch, which is investigating some cases has been sharing the information it gathered during investigation with IT and ED properly and necessary steps are being taken by the officials of IT and ED.


Talking about SIT proposals to the Government, the SIT Vice Chairman said that the SIT had suggested Government that if a person held cash amounting Rs 15 lakh or more, then it should be presumed as undisclosed money.


“However, the proposal is actively under consideration and any decision depended upon the Central Government,” he said.


Speaking about bringing back black money deposited in foreign country, Justice Pasayat said the Panama Papers Report is being investigated.


Stating about the scenario in Odisha, the SIT Vice-Chairman said both Police and ED officials are making effective investigations in the highlighted cases of mafias and self-styled Godmen.


“The IT officials will collect material from Police and ED and make further investigation to assess tax on their accumulated black money”, he added.


The SIT will submit its sixth report to the Union Government in the first week of April, Justice Pasayat informed.


Principal Chief Commissioner of Income Tax SP Choudhury, Special DG CID(CB) BK Sharma, State Vigilance DG RP Sharma, Special Director ED Kolkata Jogesh Gupta, Commissioner CIT wing, Central Board of Direct Taxes RK Jadav, Joint Commissioner (IT) Sandip Bandopadhaya, Principal Commissioner(IT) Odisha Ashok Satapathy and PC Mohanty, Joint Director ED Odisha Madhab Chandra Mishra, Special Commissioner Commercial Taxes BK Patra, Police Commissioner YB Khurania and DCP Sanjeev Arora were among those present in the meeting.



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