Special Investigation Team on black money told to file report by May 12

New Delhi: The Supreme Court on Tuesday asked the Special Investigation Team on black money headed by former top court judge M.B. Shah to submit its report on the progress and the steps taken by it to bring back black money stashed abroad on or before May 12.

Even as senior counsel Ram Jethmalani, the petitioner in this case, wanted the court’s permission to say something on the issue, stating that “there is an effort to frustrate the court order on black money”, Chief Justice of India H.L. Dattu said: “We will examine the report and then you can give your views.”

Justices Madan Lokur and A.K. Sikri were the other judges on the bench. The bench said it would take up the case again on May 13. Earlier, the SIT wanted an amendment to the Foreign Exchange Management Act to effect the seizure of property held in the country.

It wanted that offences on tax evasion and stashing of black money abroad should be brought under the Prevention of Money Laundering Act. The SIT recommended that Rs 15 lakh be the permissible limit one could hold in cash at a particular point of time.