Budget: Govt allocates Rs 8.93 crore for SIT on black money

Tags: News
Government has sanctioned a budget of Rs 8.93 crore for the infrastructure and logistical requirements of the Special Investigation Team (SIT) set up to combat the menace of black money in the country.

The allocation was part of the budget 2014-15 presented by Finance Minister Arun Jaitely yesterday.

"The funds will be used to setup the infrastructure and logistics for the SIT. The expenditure would be made by the Department of Revenue," a senior Finance Ministry official said.

The SIT, headed by former Supreme Court Judge M B Shah and Vice Chairman Arijit Pasayat has 11 members in the panel who are the heads of a number of investigative and enforcement agencies of the country.

After the first meeting of the SIT last month, the government had said the detailed modalities of proceeding further with the Supreme Court mandate were discussed and the road map decided.

Jaitely in his budget speech had yesterday said, "We also must address fully the problem of black money which is curse of our economy."

EDITORIAL OF THE DAY

  • HDFC Bank has triggered market competition by lowering base rate

    Even nine months after the Reserve Bank of India (RBI) changed its monetary stance and started reducing key policy rates, both public and private sect

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Roopen Roy

Startups to bring change for good

It is a widely held belief that our new generation ...

Rajgopal Nidamboor

The quest for the greater self

All of us have our own outlook, or view, of ...

Dharmendra Khandal

Elephants are killed for those ivory bangles

Wildlife lovers always curse China for making products out of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture