‘Serious operation needed to curb black money’

The Special Investigation Team (SIT) on black money on Friday said a “serious operation” of strictly enacting and enforcing anti-tax evasion laws is the only solution for combating and winning over the “cancerous” menace of illegal funds stashed abroad and within the country.

SIT Chairman Justice (<g data-gr-id="30">retd</g>) M B Shah, while launching a book on the subject, said a combination of “strong enactment and enforcement” of laws is the most necessary requirement if the country wants to check black money and “bring out” the offenders and various instances of black economy perpetration.

“It (combating black money) may require <g data-gr-id="26">serious</g> operation. Unless there is serious operation by enactment and enforcement of laws you will not be able to get black money, or to say, bring it out. <g data-gr-id="24">Mere</g> making a statement will not do anything. This cancerous growth is required to be controlled.

Corruption at all levels is the main cause of the generation of black money,” he said. Justice Shah exhorted that the “wrong” has to be punished as he hailed the recent anti-black money law passed by the government in Parliament.

Agreeing with his senior on the high-powered panel, SIT Vice Chairman Justice (<g data-gr-id="31">retd</g>) Arijit Pasayat said the often mentioned question of how black money will be brought back is a “misnomer”. “Rather, what we need to do is to tax the due, prosecute and put penalties on the said overseas black money amount and that way you will have your pound of flesh,” Pasayat said.