It has a large database on individuals and corporates, and access to bank account details
The SIT probe into black money stashed away abroad will be anchored by the Central Board of Direct Taxes. The core group will have a team at its disposal for smooth coordination with various departments for joint investigations.
According to government sources, the black money issue is an offshoot of income-tax jurisdiction and therefore, the CBDT would play a pivotal role in the entire process. “The body has a large database on individuals and corporate entities with respect to unaccounted money. It has access to bank account details. One of the feasible ways to unravel the money trail is to begin with suspected tax evaders and probe their transactions,” said an official, adding the modalities would be discussed when the Special Investigation Team met.
Cases of suspected foreign exchange violations would apparently be handed over to the Enforcement Directorate.
The SIT, headed by Justice M.B. Shah and mandated to take over all black money cases, supersedes a high-level committee formed earlier under the Revenue Secretary on the same issue.
According to its order, the SIT will take over investigations against individuals having accounts in Liechtenstein banks, whose names were disclosed by Germany. It would also review concluded matters and prepare a comprehensive action plan to unearth black money stashed away in foreign banks.
The SIT, with Justice Arijit Pasayat as vice-chairman, comprises the Revenue Secretary, the RBI Deputy Governor and heads of the CBDT, the Intelligence Bureau, the ED, the Central Bureau of Investigation, the Research and Analysis Wing, Revenue Intelligence and Financial Intelligence.