SIT to submit 2nd report on black money by month end: FinMin

The SIT had submitted its first report to the Supreme Court on Aug 13, 2014

The Special Investigation Team (SIT), probing black money, will submit its second report to the Supreme Court by month end, the Rajya Sabha was informed today.

SIT, constituted by the government on Supreme Court direction, has been given the responsibility and duty of investigation, initiation of proceedings and prosecution.

"The SIT has submitted its first report to the Supreme Court on August 13, 2014, and is likely to submit its second report on November 30, 2014," Minister of State for Finance Jayant Sinha said in a written reply to a question in the Rajya Sabha.

He further said the government is providing all necessary assistance to SIT.

Detailing the measured taken so far by the government to bring back black money stashed in banks abroad, Finance Minister Arun Jaitley, in reply to a separate question, said the government is renegotiating tax treaties with other countries to bring in transparency.

Also government is "proactively" engaging with foreign governments for exchange of information under the bilateral pacts and effective utilisation of information received from treaty partners to combat tax evasion and avoidance, he said.

"Sustained efforts as above made to obtain information about Indians having black money stashed abroad have already resulted in levy of taxes and penalty and launching of prosecution in appropriate cases," he said.

The government had last month submitted to the Supreme Court list of 627 names having accounts in HSBC bank, Geneva. These names were earlier shared with the SIT also.