Supreme Court rejects Centre’s plea opposing SIT on black money

Written by Utkarsh Anand | New Delhi | March 26, 2014 3:43 pm

The apex court also rejected Centre's plea against setting up SIT to monitor and probe the issue of blackmoney inside and outside the country. (IE Photo)

The Supreme Court on Wednesday slammed the Central government for lack of efforts in bringing back the black money stashed in foreign banks and dismissed its plea against the constitution of a special investigation team.

The court lamented that for the last 60 years, no government took any steps to retrieve black money and eventually the court was constrained to step in.

The top court said, “Had this money been in circulation in India, per capita income would have gone up and taxes would have been reduced.”

“30 per cent of income tax being paid by us show how much was it important for the govt to retrieve black money stashed in foreign banks,” said the court.

The SC also applauded senior advocate R Jethmalani, a former BJP leader, for his efforts to bring to the court’s notice this matter. Jethmalani had filed the petition seeking court’s intervention into the matter. The court had in July 2011 set up the SIT to monitor efforts to bring back the black money.

http://indianexpress.com/article/india/india-others/sc-rejects-centres-plea-opposing-sit-on-black-money/