The Supreme Court has ordered the Union government to set up a Special Investigation Team (SIT) within a week to probe the matter of black money stored in foreign bank accounts by Indian nationals.
The Apex Court, earlier on May 23 2014 had instructed the government to form a SIT to look into the matter and had also asked the government to submit the names and account details of all black money accounts stashed in the LGT bank in Liechtenstein, Germany; based on the information which was supposedly shared by the German authorities with their Indian counterparts. The SIT is to be monitored by two retired Supreme Court Judges.
However, the outgoing UPA government had instead decided to file a petition in the SC, asking the Court to review its verdict. The petition had been summarily dismissed and the SC had also made it clear that no review petitions regarding its orders on the issue of the black money matter would not be entertained in the future. As a result, the Union government refrained from filing any such petitions on Friday.
On the other hand, the new Narendra Modi led BJP government, which is to take over power on Monday has reportedly shown a keen interest in investigating the matter. According to media reports, a task force headed by the Financial Intelligence Unit under the aegis of the Union Department of Revenue has already been set up to look into the matter. Other central government agencies to be included in the task force would also include the Income Tax Department, the Enforcement Directorate, and the Directorate of Revenue Intelligence.
During his Lok Sabha campaign, Narendra Modi had reportedly stressed on the need to set up a task force to bring back the black money held in foreign bank accounts and other tax havens. The money is supposed to be used for the welfare of the poor in India, while also being used to reward the honest tax payers of the country.