May 31, 2026 01:02 pm (IST)
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Bringing black money an enormous task: SIT head
New Delhi, May 28 (IBNS): Retired Supreme Court judge Justice MB Shah, who has been appointed the head of the Special Investigation Team (SIT) to bring back black money, said it is an "enormous task".
"The task is enormous. It will take some time. We will have to find out where black money is lying particularly in foreign countries. Let there be a notification then I will take over. There will be consultation with members then we will proceed," Justice Shah told CNN-IBN.
He said the Research and Analysis Wing (RAW), Intelligence Bureau (IB) and Income Tax (I-T) department will help in bringing back the money from foreign banks.
"I'm sure they must have already done some work and homework in this. Their cooperation is very necessary. This was pending for last two years. Court had passed specific orders which is now being implemented," he told the news channel.
The Union Cabinet on Tuesday approved constitution of SIT to implement the decision of the Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.
The government said the SIT will be headed by Justice M.B. Shah, former Judge of the Supreme Court as Chairman and Justice Arijit Pasayat, former Judge as Vice Chairman.
The Members of the High Level Committee will comprise:
i. Secretary, Department of Revenue
ii. Deputy Governor, Reserve Bank of India,
iii. Director (IB),
iv. Director, Enforcement
v. Director, CBI
vi. Chairman, CBDT,
vii. Director General, Narcotics Control Bureau
viii. Director General, Revenue Intelligence
ix. Director, Financial Intelligence Unit
x. Director, Research and Analysis Wing and
xi. Joint Secretary (FT&IR-1), CBDT
The SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money.
The SIT shall have jurisdiction in the cases where investigations have already commenced or are pending or awaiting to be initiated or have been completed.
The SIT will prepare a comprehensive action plan including creation of necessary institutional structure that could enable the country to fight the battle against unaccounted money.
The SIT should report to the court the status of work from time to time.
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