‘Let SIT continue as Centre makes nil effort to trace black money’

The Supreme Court on Wednesday slammed the Centre for its failure to bring back thousands of crores of black money stashed away in banks abroad.

A Bench, dismissing an application filed by the Centre to recall a July 4, 2011 order appointing a special investigation team to take steps to bring back the black money, said the court stepped in after six decades as the government failed in its duty.

“Let us see, the SIT will do things which this country is dreaming of,” Justice H.L. Dattu told Solicitor-General Mohan Parasaran.

“No effort was made to bring back the money… and no effort was made to disclose the names of those whose money was in the foreign banks. If the money had been brought back, the economy of the country would have gone up. Per capita income would have gone up. Income tax rate, which we are paying at 30 per cent, would have been reduced.”

“Since 1947, for 65 years, nobody thought of bringing the money stashed away in foreign banks to the country. The government has failed in its role for 65 years.”

This court… “feels that you have failed in your duty and so it gave an order for the appointment of the committee headed by former judges of this court. Three years have passed, but you have not done anything to implement the order.”

The Centre had said: “The order... directly interferes with the functions of the executive, more particularly, since it is ordered that the SIT will report directly to the Supreme Court.”