Modi's Clean up Act: SIT On Black Money to Hold First Meet

The SIT will also go into "all issues relating to matters concerning and arising from unaccounted monies of Hasan Ali Khan and Kashinath Tapuriah." Khan is a Pune stud farm owner, who was arrested by the Enforcement Directorate in connection with money laundering and tax evasion cases, while Tapuriah is his aide. The other tasks of the SIT include all investigations already commenced and are pending or awaiting to be initiated, with respect to any other known instances of the stashing of unaccounted monies in foreign bank accounts by Indians or other entities operating in India.

The SIT will also ensure that the matters are investigated, proceedings initiated and prosecutions conducted with regard to criminality and/or unlawfulness of activities that may have been the source for such monies, as well as the criminal and/or unlawful means that are used to take such unaccounted monies out of and/or bring such monies back into the country and use of such monies in India or abroad, the terms of reference said. It shall "also be charged with the responsibility of preparing a comprehensive action plan, including the creation of necessary institutional structures that can enable and strengthen the country's battle against generation of unaccounted monies and their stashing away in foreign banks or in various forms domestically."

The panel has been empowered "to further investigate even where charge sheets have been previously filed and that the SIT may register further cases and conduct appropriate investigations and initiate proceedings, for the purpose of bringing back unaccounted monies unlawfully kept in bank accounts abroad." The SIT will keep the apex court informed about all major developments by filing periodic status reports in this regard, the government notification said.

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