New Delhi : An upcoming revolution can be seen in the nationwide issue of Black money. It is expected that Hon’ble Supreme Court formed – Special Investigation Team (SIT) will be filing a fresh status report in the Hon’ble Apex Judicial Authority (SC) related to the actions taken and measures adopted by various investigative agencies to deal with the cases connected with the black money or illegal money taken to abroad by Indians citizens and tax evasion thereof. The Special Investigation Team- SIT being formed in the last year was to curb black money issue, now found working on the given task.
It is expected that the said fresh status report will be filed before the Hon’ble Apex Court with the first fortnight of this month of the year by the Special Investigation Team- SIT. The report is expected to include the status of actions which were taken by Department of Income Tax in relation to the 628 HSBC Banks cases, along with other. The Report will also contain the data relating to the Revenue which was collected in the last year (i.e. fiscal year 2014 to 15) by the different agencies.
It is also expected that the fresh status report will mention about latest Budget announcements made by the Finance Minister to the State, Arun Jaitley in his speech.
The investigation in to black money case, from all comprehensive volume including all facets, could also be covered in the next Report, as there were near two full fledged meetings held with the agencies under the SIT by the Panel, headed by Former Justice of Hon’ble Apex Court, M. B. Shah. Moreover, earlier the Government was provided with the two full reports by the said Panel, recommending that the tax evasion a crime and also suggested to have use of money in plastic form (plastic money) and also that there should mandatory use of Permanent Account Number card (i.e. PAN) for huge amount or high valued transactions. Other recommendations were also made on relevant matters.
Now a days the issue of Black money erosion has achieved a greater importance. In the month of March, a Bill namely, The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015 cleared by Cabinet, which makes provisions as to One-time Amnesty for the persons and entities who have taken illegal money (Black money) in the foreign countries. Also the Bill provides for penalty for the persons engaged in such activities.
by Faim Khalilkhan Pathan.