RBI tells banks, FIs to share black money info with SIT
24 Jun 2014 10:55 PM GMT
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
‘All the banks and financial institutions (FIs) are advised to ensure that information/documents required by the SIT are made available as and when required,’ the Reserve Bank said in a notification.
The SIT under the chairmanship of former Justice M B Shah was constituted by the Narendra Modi-led government on its first day in office, in pursuance of a July 2011 Supreme Court judgement.The panel has jurisdiction in cases where investigations have commenced or are waiting to be initiated or have been completed. The SIT held its first meeting on 2 June. Finance Minister Arun Jaitley said also the government will write to Switzerland seeking details of Indians with unaccounted money in Swiss banks.
According to the latest data published by Swiss National Bank, the country's central bank, Indian money in various Swiss banks rose 43 per cent during 2013 to almost Rs 14,000 crore, including money held directly by Indian clients and those through fiduciaries or wealth managers.
In contrast, the money held in Swiss banks by their foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about $1.56 trillion or over Rs 90 lakh crore) at the end of 2013.
‘All the banks and financial institutions (FIs) are advised to ensure that information/documents required by the SIT are made available as and when required,’ the Reserve Bank said in a notification.
The SIT under the chairmanship of former Justice M B Shah was constituted by the Narendra Modi-led government on its first day in office, in pursuance of a July 2011 Supreme Court judgement.The panel has jurisdiction in cases where investigations have commenced or are waiting to be initiated or have been completed. The SIT held its first meeting on 2 June. Finance Minister Arun Jaitley said also the government will write to Switzerland seeking details of Indians with unaccounted money in Swiss banks.
According to the latest data published by Swiss National Bank, the country's central bank, Indian money in various Swiss banks rose 43 per cent during 2013 to almost Rs 14,000 crore, including money held directly by Indian clients and those through fiduciaries or wealth managers.
In contrast, the money held in Swiss banks by their foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about $1.56 trillion or over Rs 90 lakh crore) at the end of 2013.
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