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SIT V-C Justice Pasayat backs demonetisation move

Arijit Pasayat, Vice-Chairman of the Special Investigation Team on black money, has backed the Narendra Modi government’s decision to demonetise Rs 500 and Rs 1,000 currency notes.

“The decision is a right step to fight black money in the country. In fact, demonetisation is one of the recommendations forwarded by the SIT to the Union government,” said Justice Pasayat told reporters at Cuttack on Sunday.

It is to be noted that Chairman of SIT on Black Money and former Judge of the Supreme Court of India, Justice MB Shah and Vice- Chairman Justice Pasayat had recently written to Union Finance Minister Arun Jaitley saying a few steps needed to be taken to ensure that people holding black money in cash were not able to convert it into white.

In wake of demonetisation, the SIT had recommended thorough analysis of bank accounts receiving huge deposits and other bank accounts in which money disproportionate to average transactions would be deposited.

Precaution should be taken so that jewellery shops would not absorb black money by way of purchase of ornaments, it had said.

“We have also drawn the attention of Union Finance Minister highlighting the problem being faced by common people. We have asked him to take steps so that inconvenience faced by people does not linger further,” said Justice Pasayat.

He admitted that majority of people having no black money were also facing hassles. He hoped the current phase would soon get over.

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