The Union Cabinet today approved constitution of Special Investigating Team (SIT) to implement the decision of the Hon’ble Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.

The SIT will be headed by Hon’ble Mr. Justice M.B. Shah, former Judge of the Supreme Court as Chairman and Hon’ble Mr. Justice Arijit Pasayat, former Judge as Vice Chairman.

The Members of the High Level Committee will comprise:

i. Secretary, Department of Revenue

ii. Deputy Governor, Reserve Bank of India,

iii. Director (IB),

iv. Director, Enforcement

v. Director, CBI

vi. Chairman, CBDT,

vii. Director General, Narcotics Control Bureau

viii. Director General, Revenue Intelligence

ix. Director, Financial Intelligence Unit

x. Director, Research and Analysis Wing and

xi. Joint Secretary (FT&IR-1), CBDT

The 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. SIT shall have jurisdiction in the cases where investigations have already commenced or are pending or awaiting to be initiated or have been completed. SIT will prepare a comprehensive action plan including creation of necessary institutional structure that could enable the country to fight the battle against unaccounted money. The SIT should report to the court the status of work from time to time.

Special Investigation Team to investigate and prosecute cases involving unaccounted money and report status to the court. A Special Investigation Team is established to implement the Supreme Court's directive on unaccounted money, chaired by a former Supreme Court judge with a High Level Committee of senior revenue, banking, intelligence and enforcement officials. The SIT is mandated to investigate, initiate proceedings and prosecute cases involving unaccounted funds across matters already under inquiry, pending, awaiting initiation or completed; to prepare a comprehensive action plan and institutional structure; and to report the status of its work to the court periodically.