Mumbai: RBI has recently directed all banks and financial institutions to provide the information and documents sought by the high-profile panel. The SIT, formed upon the directions of Supreme Court, had its first meeting earlier this month here at the North Block office of the Finance Ministry. The high-level team has also decided to look into the contentious issue of secrecy clauses in India's tax treaties with Switzerland and other countries.
Retired apex court judge Arijit Pasayat is the Vice Chairman of the SIT while top officials of the 11 high-profile agencies and departments are its members. After the first meeting of the SIT, the government had said the detailed modalities of proceeding further with the Supreme Court mandate were discussed and the road map decided. The SIT's mandate, as notified, requires it to go into "all issues relating to matters concerning and arising from unaccounted monies of Hasan Ali Khan and Kashinath Tapariah". Pune-based Khan, stud farm owner, was arrested by Enforcement Directorate in connection with money laundering and tax evasion cases. Tapariah is his aide.
The other tasks of SIT include all investigations already started and pending or awaiting to be initiated with respect to any other known instances of the stashing away of unaccounted cash in foreign bank accounts by Indians or other entities operating in India.
The panel has also been empowered "to further investigate even where charge-sheets have been previously filed and SIT may register further cases and conduct appropriate investigations and initiate proceedings for the purpose of bringing back unaccounted monies unlawfully kept in bank accounts abroad." The SIT will also keep the apex court informed about all major developments by filing periodic status reports in this regard, the government notification had said.
