The Government in 2014 constituted a special investigative team (SIT) to dig out black money.The SIT will also work out a comprehensive action plan to create an institutional structure that would enable the country to fight the battle against unaccounted money. It would report on the status of its work to the court from time to time. The decision came just a day before the Supreme Court’s deadline to form the SIT was set to expire.
The SIT will carry on investigation, initiate proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money. It will also have jurisdiction in cases where investigations are already on or pending. It can also revisit cases where the probe has been completed. The SIT will report to the court on the status of the probe regularly.
The terms of reference for the SIT stipulate that it “shall have jurisdiction over all the cases, where investigation has already commenced or pending or awaiting to be initiated or have completed” with regard to instances of black money and illicit funds generated and sent to overseas destination and tax haven nations.
The SIT, the terms of reference said, “shall report to the Court and shall inform the Court of all major developments by filing periodic status reports from time to time and for this purpose, the Union of India shall accord all the necessary financial material, legal, diplomatic resources both inside and outside the country to the SIT”.
