Thursday, May 5, 2011

SC reserves verdict to track black money

Supreme Court on Wednesday reserved its order on a plea to set up a special investigation team (SIT) to track the black money stashed away in foreign banks and to take steps for bringing it back to the country.A bench of justices B Sudershan Reddy and S S Nijjar also reserved its verdict on a petition seeking directions to the government to make public the names of persons who have kept black money in the Liechtenstein Bank.

The Centre opposed the plea and contended before the bench that a committee comprising top officers from CBI, ED, IB and other departments has already been formed to deal with the black money cases.

Solicitor General Gopal Subramainum informed the court that the 10-member committee consisting of Revenue Secretary, RBI's Deputy Director, Directors of CBI, Intelligence Bureau (IB), Enforcement Directorate, Chairman of CBDT, Director General of Revenue Intelligence, chief of Narcotics Control, Director of Foreign Intelligence Office (FIO) and Joint Secretary of Foreign Trade has already been appointed.

The court then asked the government whether it would have any problem if a retired Supreme Court judge is appointed to monitor the functioning of the committee.
The government vehemently opposed the idea, saying it would hamper the investigation in the case.

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