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HindustanTimes Sat,30 Aug 2014

SC reconstitutes SIT for govt probe on black money

Agencies  New Delhi, May 01, 2014
First Published: 18:32 IST(1/5/2014) | Last Updated: 18:35 IST(1/5/2014)

A day after Centre relented and disclosed names of 18 people it was investigating for tax evasion to the Supreme Court, the apex court on Thursday reconstituted a panel to monitor the Union government’s probe on black money.

The Supreme Court said former Judge MB Shah would head the special investigating team with justice Arijit Pasayat also a part of the team. The Centre has been directed to form the special investigating team within three weeks.

The Centre had on Wednesday disclosed names of 18 persons who had stashed black money in LGT bank in Liechtenstein, as per information furnished by the German government to India in 2009. Liechtenstein is seen as a tax haven.

This disclosure came after the Supreme Court censured the government last week for failing to take firm steps to recover money stashed by Indians abroad.

The Centre had earlier argued that publicly revealing the names shared by Germany would compromise its credibility with that country and others with which it has tax treaties.

Continuing its hearings on the writ petition filed by senior SC lawyer Ram Jethmalani, the court directed the Centre to hand over details of all 26 LGT bank account holders under suspicion.

According to the top court's directive, the Centre has to handover all the information within three days to Jethmalani, who is also a parliamentarian.
 
Cracking whip
* Apex court orders centre to reconstitute special investigation team on black money within three weeks.
* It also asked the Union government to hand over to lawyer Ram Jethmalani all details of its ongoing probe on those evading taxes by stashing away money in foreign banks.
* The details include names of individuals who stashed black money in LGT bank in Liechtenstein, as per info given by the German government to India in 2009.


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