Swiss govt's decision to share account holder's list will help in further enquiry: SIT chairman

Chairman of the Special Investigation Team (SIT) here today appreciated Swiss government's decision to share the list of account holders with India saying that it will help in further enquiry which was on a hold up till now.

"Its good news that the details of black money in Swiss bank have been shared to India now we can find out who holds a legal account, and who holds an illegal account and thereafter proper action can be taken," said Shah

"We cannot transfer the money immediately because those who have an illegal account are very smart they can manage. But before that we would take immediate action. We are moving very fast and the enquiry will also be done very fast. I hope the result will come soon although it's impossible to say how much success we will get," he added.

Meanwhile, Bharatiya Janata Party (BJP) leader Siddharth Nath Singh said in New Delhi, "It just shows that the new government under Narendra Modi took the first cabinet decision of forming SIT which has been pending since 2011 and it's been a Supreme Court direction also but we took the bold step immediately in our first cabinet, sit was formed."

"The government of Switzerland is giving credit to Modi government that they are serious and have taken a step so we would like to cooperate in work along on this matter of black money which is being stashed in a number of banks in the Europe including Switzerland," Singh added.

Switzerland has reportedly prepared a list of Indians suspected to have stashed un-taxed wealth in Swiss bank and is being shared with India giving a major boost to government's fight against black money.

India has also constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.

The SIT is being headed by former Supreme Court judge Justice M.B. Shah assisted by former Supreme Court judge Arijit Pasayat, who is named as the Vice Chairman of the SIT.

Secretary Revenue, Deputy RBI Governor, IB Director, ED Director, CBI Director, CBDT Director, Revenue Intelligence Director General, RAW Director are a part of the SIT.