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Supreme
Court appoints SIT to probe black money
Monday July 04, 2011 03:21:08 PM,
IANS
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New Delhi: The Supreme
Court Monday set up a Special Investigation Team (SIT) to probe
black money stashed in foreign tax havens by Indian citizens. The
committee will be headed by former apex court judge B.P. Jeevan
Reddy.
An apex court bench of Justice B. Sudershan Reddy and Justice S.S.
Nijjar also directed the central government to disclose the names
of people holding accounts in LGT bank in Liechtenstein -- a
principality in Europe bordering Switzerland and Austria -- as
disclosed to it by German authorities.
However, the court made an exception saying that the names of
people holding the accounts but not involved in any wrong acts,
may not be made public.
The court converted the existing high-level committee, constituted
by the centre, into the SIT. Justice M.B. Shah will be the
committee's vice chairman.
In its lengthy order, the apex court repeatedly pulled up the
centre for dragging its feet and delaying the investigation into
the black money stashed abroad.
The court also mocked the centre for using double-taxation
avoidance agreement with Germany in holding back the names of the
money launderers who were not even "remotely" covered under the
India-Germany treaty.
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