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SIT brings back focus on black money stashed within country

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Odisha Sun Times Bureau
Cuttack, Oct 16:

The Special Investigation Team (SIT) on black money today held a review meeting at its Vice Chairman Justice Arijit Pasayat’s residence in Odisha’s Cuttack to discuss emerging trends on black money and work out a strategy to contain priorities. The meeting gave top priority to black money stashed in India and discussed ways to contain it.

Justice Arijit Pasayat
Justice Arijit Pasayat

“The volume of black money stashed in India is much more than it is in foreign countries. If the generation of black money is stopped, its flow to the foreign countries will automatically stop,” said Pasayat briefing reporters after the meeting.

The meeting, also attended by top officials of the Income Tax department, Enforcement Directorate (ED), DRI, CBI and representatives of Finance Ministry, also discussed emerging local and nation issues such as banking fraud, money laundering on the name of charitable trusts and by self-proclaimed godmen.

“There are allegations about huge sums of money being transacted under the table by some of the charitable trusts and educational institutions. These are of serious concern. These allegations are under the scrutiny of the Income Tax Department and the Enforcement Directorate (ED).  Action has been taken in some of the cases. Besides, the police are investigating into the modus operandi,” added the former Supreme Court Judge.

Discussing the black money being generated in the mining sector, Justice Pasayat suggested modification in the H1 form. “If the requirements in the H1 form can be broad based, we would be able to extract more information on people engaged in mineral trading, export and import, stocking and consumption of minerals,” he said.

Besides, the SIT instructed the agencies to step up their effort against fake firms and entities that use banking channels to launder illegal funds like the recent case at a Bank of Baroda (BoB) branch in Delhi. Besides, it also instructed to check cases of illegal funds, donations and contributions being made and generated by some identified charitable and educational institutes.

It asked these departments to enhance their vigil on domestic areas where from black money is being generated and stashed.