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The Narendra Modi Government hit the ground running on Day 1 by setting up a Special Investigation Team (SIT) to unearth black money and by holding bilateral talks with the heads of the SAARC nations.
Two important issues — SIT and the train accident in Uttar Pradesh — were discussed at the first Cabinet meeting of the new Government, chaired by Prime Minister Narendra Modi.
The Cabinet approved the setting up of an SIT to implement the Supreme Court’s decision on unearthing the money stashed abroad, evading taxes or raised through unlawful activities.
Briefing mediapersons after the Cabinet meeting, Law Minister Ravi Shankar Prasad said: “This indicates the commitment of the new Government to pursue the issue of black money, in the light of the Supreme Court’s order.” According to the order, May 28 is the last day for the Government to notify an SIT.
The SIT will be headed by retired Supreme Court Judge MB Shah. A former Supreme Court judge Arijit Pasayat will be co-chairman. It will have as members the Revenue Secretary, an RBI Deputy Governor, the Chairman of the Central Board of Direct Taxes), and the Directors of the Intelligence Bureau, the Enforcement Directorate, the CBI, the Revenue Intelligence, the Financial Intelligence Unit and the Research & Analysis Wing.
It will be responsible for investigation, initiation of proceedings, and prosecution in the Hasan Ali case and other matters involving unaccounted money.
The team will have jurisdiction in cases where investigations have begun or are pending or waiting to be initiated or have been completed.
The SIT will prepare a comprehensive action plan including creation of the institutional structure that will enable the country to fight the battle against unaccounted money.
It will submit a status report to the court periodically.
On May 23, the apex court had granted one week to the Centre to set up an SIT under Shah to monitor all black money cases, under its direction.
Train accident The Cabinet also discussed Monday’s train accident in UP.
Twenty-eight people died in the accident while 14 were seriously injured. Thirty-one people are still in hospital.
The Government has already announced an ex-gratia payment of ₹2 lakh to the families of the dead, while ₹1 lakh will be given to the seriously injured and ₹20,000 to people with minor injuries.
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