SC for SIT to track black money

The Supreme Court on Friday hinted at constituting a special investigating team (SIT) to probe the trail of black money stashed in foreign banks. HT reports.

The Supreme Court on Friday hinted at constituting a special investigating team (SIT) to probe the trail of black money stashed in foreign banks.

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Maintaining that the issue raised in senior advocate Ram Jethmalani's PIL had a "wider" impact, a bench of justice Sudershan B Reddy and justice SS Nijjar asked the Centre to come up with a possible composition of the SIT.

The court asked the government to spell out its stand on the suggestion to set-up a SIT comprising officers from different departments, including the Enforcement Directorate, CBI and I-T department.

"We are not talking about one case but many cases are involved in it. This is much wider," the bench observed and asked the government counsel if there was any objection in setting up of SIT.

It asked both the Centre and Jethmalani to submit their response on the next date of hearing March 28.

"Before we discuss this issue, both of you (the government and the petitioners) tell us about possible composition of SIT, if the need arises, for setting up the same," the court said.

It asked Hassan Ali to approach the trial court after the end of his four day remand.

The court was hearing the petition filed by Jethmalani and some former bureaucrats seeking court's direction to the government to bring the black money stashed abroad. According to it more than $1 trillion has been stashed by Indians in foreign banks to avoid taxes.