Black money: Govt appoints outgoing CBDT boss as SIT Advisor

Senior IRS officer and outgoing CBDT Chairman K V Chowdary was today appointed by the Government as an Advisor to the Special Investigation Team (SIT) that is probing black money cases.

An expert on tax issues and financial investigations, Chowdary will take charge of the new post from tomorrow on his retirement after serving over three decades in the Income Tax cadre of the Indian Revenue Service (IRS).

The 1978-batch officer retired today as the Chairman of the Central Board of Direct Taxes (CBDT).

"Both the SIT and government wanted the officer to continue as he has been dealing with blackmoney cases for a long time and has been a part of all the deliberations that have taken place on this subject in the last three years," a senior Finance Ministry official said.

The SIT is headed by retired Supreme Court Judge M B Shah with Vice-Chairman Justice (retd) Arijit Pasayat and heads of 11 different organisations or departments as members on the high-powered panel.

SIT sources said Chowdary would be carrying out all important works of coordination between the agencies on this apex panel and he would also be meeting various national and international stakeholders in furtherance of the government's aim to curb the menace of black money.

"However, the terms of his mandate will be announced later by the Finance Ministry," they said.

An official order issued today evening by the Finance Ministry said Chowdary will keep drawing the same salary, allowances and facilities, except pension benefits during this new tenure, as allowed to him as the CBDT chief.

His tenure, according to the order, will be for a period of six months and it could be extended further if need arises.