Top Officials in Special Team under Judges Shah and Pasayat to Bring Back Black Money into India

The cabinet has formed a multi-disciplinary team of experts and top officials to be led by retired Supreme Court Justice MB Shah with another of his peers Arijit Pasayat appointed as the vice chairperson.

Telecom and Law Minister Ravi Shankar Prasad said that the SIT will also include the Revenue Secretary, the chairman of the Central Board of Direct Taxes, a deputy governor of the Reserve Bank of India, the director general of Revenue Intelligence and the directors of sleuth agencies such as the Central Bureau of Investigation, Intelligence Bureau, Enforcement Directorate, Financial Intelligence Unit and RAW.

The BJP’s election manifesto had said that if it was elected to power, the party would minimise the scope for corruption to curb the generation of black money and initiate the process of tracking down and bringing back black money stashed in foreign banks and offshore accounts. It had also promised to set up a task force to tackle the menace and overhaul existing laws to that effect.

The SIT, an official statement said, has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money. The team would have jurisdiction in cases where investigations have either already commenced or been completed or await initiation.

Hasan Ali was a stud farm owner in Pune who declared a huge wealth of 1.10 lakh crores over a period of eight years.

The other case of the meat exporter Quereshi operating with Home Minister CPN Singh former CBI Director AP Singh and possibly the meat exporter wife of Kapil Sibal with bases in London and Paris may also reach the New Shah Commission. It is a moot point as to how much money will return to India on account of the MB Shah led SIT. It will, of course, result in expenses and foreign tours by the SIT members on investigation missions.