Tuesday , January 22 2019

Justice Arijit Pasayat : Rs 70,000 Crore Black Money Detected

Deputy Chairman of the Supreme Court, Justice Arijit Pasayat revealed that  Rs 70,000 crore black money was detected so far and the sixth report on it will be submitted to the apex court in the first week of April.

Cuttack: Special Investigating Team (SIT)  was appointed by Justice Arijit Pasayat,  deputy chairman of the Supreme Court on black money, on Thursday revealed that around Rs 70,000 crore black money had been detected, including more than Rs16,000 crore by Indians stashing funds abroad.

Justice Arijit Pasayat

Out of Rs 70,000 crore, more than Rs 16,000 crore was detected after probe launched into global leaks about Indians stashing funds abroad has been excavated through different schemes of the administration.

After a meeting with officers of many government agencies dealing with financial and economic affairs here, Justice Pasayat said that the Special Investigating Team would submit its sixth interim report to the Supreme Court in the first week of April.

He said the Special Investigating Team(SIT) made several recommendations in the past two years through its interim reports to the apex court to check the generation of black money. “While most of our recommendations have been accepted by the government, and some of them under active consideration”, he said.

“One of our proposals, on cash holding of RS 15 lakh or above to be presumed as undisclosed, is under serious consideration of the Central government”, Justice Pasayat. He also stated that, on our recommendation, the administration has already declared that cash transaction beyond Rs 3 lakh to be considered as illegal and punishable by law.

On Odisha-specific economic offences and unearthing of black money, Justice Pasayat said the meeting was specially organized to ensure a smooth management between all investigating agencies for easy detection of ill-gotten money.

He said he has asked the State crime branch, investigating into various wrongdoings of private educational institutions, self-styled godmen, jewellery shops, mafia dons, real estate companies to share their findings with income tax (IT) and Enforcement Directorate (ED) sleuths for a thorough probe.

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