Indian government has established a special investigation team (SIT) to extract the unaccounted wealth hidden in foreign countries.
The new panel launched by the newly appointed Prime Minister Narendra Modi was in line with the ruling of Indian Supreme Court that had set a deadline of 29 May to form the team.
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The investigative team headed by retired judge M.B. Shah includes the revenue secretary, directors of the Central Bureau of Investigation (CBI), the Intelligence Bureau, Research and Analysis Wing and the Enforcement Directorate, chairman of the Central Board of Direct Taxes, and a deputy governor of the Reserve Bank of India.
Telecom and Law Minister Ravi Shankar Prasad told reporters the establishment of SIT affirms the government’s commitment towards addressing black money issues at the earliest.
"It is a matter of great satisfaction for us that in the very first meeting of the cabinet chaired by the honourable PM, we have set up this SIT… There was some delay on this front and the Supreme Court had set a deadline for this which ends tomorrow," added Shankar.
In an official statement, the government stated that SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money.
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By GlobalDataThe investigation team is empowered with jurisdiction for investigations that have either already commenced or been completed or await initiation.
