NEWLY appointed government’s Prime Minister Narendra Modi on Tuesday formed a Special Investigation Team (SIT) to bring back black money from the abroad. The highest level of financial, revenue and economic management of the country are members of the SIT.
Ravi Shankar Prasad, Minister of Telecommunication, Law and Justice told media about formation of SIT. The decision was taken in Narendra Modi’s first cabinet meeting.
The Supreme Court had last week granted the government one week to constitute the SIT for monitoring of all black money cases. Former Supreme Court judge M B Shah will be the head of the SIT and director of CBI, RAW and Financial Intelligence will also be a part of the SIT.
$1500 Billion Indian black money in Swiss banks
According to the data provided by the Swiss bank, India has more black money than rest of the world combined. India topping the list with almost $1500 Billion black money in Swiss banks,
The total black money accounts for 40% of GDP of India, if all the money comes back to India then that could result in huge growth burst for India.
It’s been found that about 80 thousand people travel to Switzerland every year of in which around 25 thousand travel frequently. Those travelling on regular basis must be doing it for some reason.