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Supreme Court appoints SIT to probe black money

Monday July 04, 2011 03:21:08 PM, IANS

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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