SIT Moves a Resolution to RBI on Sharing of Black Money Data with Govt Agencies [ Current News (Concise) - ]

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Special Investigation team has moves its resolution to RBI for sharing data of black money such as foreign exchange transactions and export - import payments with the Government agencies to control illegal financial actions.

  • The Special Investigation team headed by Justice (retired) M.B. Shah was appointed by the Supreme Court on the issue of black money.
  • In this regard M.B. Shah has written a letter in the behalf of SIT to the RBI’s Governor
  • Raghuram Rajan.
  • Previously SIT also has suggested to regulator to help for tackle black money.

SIT has requested for:

  • SIT also has suggested establishing a revenue department which will be path for accessing the database as a single agency
  • If RBI ages with SIT proposal then it will be easy to find out network of black money.
  • SIT also has requested advance remittances data which are sending to abroad without any corresponding bill of Entry of authorized dealer.
  • Export outstanding details for more than one year.
  • Along with this SIT also has suggested cap on cash transection up to 3 lakhs and to set limit at 15 lakhs.

About SIT:

  • Special Investigation team was established by National Democratic Alliance (NDA) under the Supreme Court orders in May 2014 with aim to better the condition of plug loopholes and bring tax evaders to task.
  • After the establishment SIT has continually working for enacted a stringent law to curb black money from being stashed away abroad and Imposition of Tax Act.
  • Recently under the recommendation of SIT the Benami Transactions (Prohibition) Amendment Bill is passed to control generation of black money within the country.

About RBI

  • Reserve Bank of India is central banking organization in India.
  • It controls the financial policy of the Indian rupee. It was started on 1st April 1935 during the British Rule.
  • It was nationalized on 1st January 1949.
  • Its four local headquarters are at Mumbai, Kolkata, Chennai and New Delhi.
  • It is a leading member of the Alliance for Financial Inclusion.

- Published/Last Modified on: September 7, 2016