The Special Investigation Team (SIT) investigating black money, will submit its second report to the Supreme Court by the end of the month.
According to the Supreme Court directions, SIT has been given the responsibility to investigate and initiate proceedings for prosecution.
Few months back on August 13th, 2014, SIT team had submitted its first report to the Supreme Court and minister of State for Finance Jayant Sinha said that SIT will submit another report by the end of this month November 30th, 2014. More over, Finance Minister Arun Jaitley said, “The government is renegotiating tax treaties with other countries to bring in transparency.” Mr. Jaitley added ” The government is playing its role in a very proactive manner and is 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.”
Government has also submitted the report list of 627 names having accounts in HSBC bank, Geneva to Supreme Court. Earlier these names were shared with the SIT.