SC appointed SIT detects 70 thousand crore rupees black money

SC appointed SIT detects 70 thousand crore rupees black money

Supreme Court-appointed Special Investigating Team (SIT) on black money has so far unearthed black money to the tune of 70 thousand crore rupees across the country.
Speaking to media after a high-level meeting of SIT on black money, its Vice-Chairman Justice Arijit Pashayat said in Cuttack yesterday that the SIT is hopeful that the amount will rise substantially further in the coming days. Justice Pasayat also informed that the committee will submit its sixth report to the Apex court in the first week of April.
He said the SIT during the past two years has made several recommendations through its interim reports to the Apex court for the Central government to check the generation and tap the black money at the source. Justice Pasayat said, that on the SIT’s recommendation, the Government has already declared that cash transaction beyond Rs 3 lakh is to be treated as illegal and punishable. The meeting assumes significance as it was held for the first time after demonetisation undertaken by the Union government.

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