Black money: SC asks SIT to give progress report by Oct 7

The hearing has been posted for October 28

The Supreme Court today asked the Special Investigation Team (SIT) on black money to submit the fourth report on the progress of its probe by October 7 and sought to know from the Centre about the steps taken to implement SIT's recommendations to bring back illegal moneys stashed in foreign banks.

"The Attorney General will tell us what the Centre has done on the recommendations of the SIT," a bench comprising Chief Justice H L Dattu and Justices M B Lokur and A K Sikri said while posting the hearing for October 28.

Senior advocate Dushyant Dave, appearing for the SIT, informed the bench that the subsequent report on the progress of investigation would be complete by the month end and sought its nod to place before the court in October.

His request that Attorney General Mukul Rohatgi be asked to inform about the action taken by the Centre on SIT's recommendation was also accepted by the bench.

Advocate Prashant Bhushan raised the issue of SIT's third report submitted to the apex court in May and claimed that some portions of it have emerged in newspapers which made reference to Participatory Notes (P-Notes) for investing around Rs 3 lakh crore in the stock market.

However, the bench, which perused the report, said "we don't think that is there in the report. May 2015 report is the last report we have received".

P-Notes are instruments issued by registered foreign institutional investors to overseas investors, who wish to invest in the Indian stock markets without registering themselves with market regulator SEBI.

While Bhushan was making his submission, the Attorney General objected saying he had no locus in the matter.

Dave said the issue of black money was a sensitive matter and its discussion in public like this is not proper.

Earlier in the last hearing, noted jurist Ram Jethmalani on whose petition the SIT was constituted, had accused the NDA government and the previous UPA dispensation of failure to bring back black money stashed abroad.

He had also attacked the SIT, saying it is "loaded with people who are loyal to the previous government".

Jethmalani had said the July, 2011 judgement has been frustrated by successive governments which have played a "grave fraud" on the nation and the people.