The Supreme Court of India has taken a decisive step towards tackling the endemic issue of black money, appointing a Special Investigation Team (SIT) to strategize and implement solutions. Black money, a term coined for undeclared and untaxed income, has been a persistent challenge for the country's economy.
Proactive Measures Against Black Money
The SIT, led by the vice-chairman, Justice (Retired) Arijit Pasayat, is on the brink of submitting its eighth interim report to the Supreme Court. This marks a crucial milestone in the SIT's relentless pursuit of black money, a mission that has been active since May 2014. The inception of the SIT came in the wake of the Narendra Modi government's ascension to power. The government, in its very first cabinet meeting, approved the appointment of the SIT in adherence to the Supreme Court's directive.
A Track Record of Diligence
Over the past nine years, the SIT's commitment to unearthing black money has been unwavering, as evidenced by the seven interim reports it has already presented to the Supreme Court. Each report encapsulates the team's progress and findings, serving as a testament to their tireless efforts.
Strategizing For Continued Success
On November 28, 2023, Justice Pasayat orchestrated a meeting at his residence with officials from various departments. Representatives from the Income Tax, Enforcement Directorate, Customs and Excise, and the Central Board of Indirect Taxes convened to discuss strategies to detect and curb the generation of black money. The meeting, which spanned over two hours, also addressed the challenges of black money originating both within India and overseas.
The SIT's work reflects a broader commitment to financial integrity and transparency within India. Its ongoing investigation and strategic efforts are a beacon of hope in the fight against black money, a fight that India is determined to win.