The SIT, which was constituted under the directive of the Supreme Court, has been investigating various aspects of illicit funds

The Special Investigation Team (SIT) on black money is expected to submit an interim report to the Supreme Court within the next two weeks. This development comes as part of the ongoing efforts to curb black money, a persistent issue in India’s economy. The SIT, which was constituted under the directive of the Supreme Court, has been investigating various aspects of illicit funds, including money stashed abroad and undisclosed domestic income. Learn the Essentials of Sections 269 and 271 The interim report is anticipated to provide a status update on the investigations conducted so far, highlighting key findings, challenges encountered, and the steps taken to bring perpetrators to justice. This report could potentially include recommendations for further action or policy changes aimed at tightening the noose around black money holders. The submission of this report will be closely monitored by various stakeholders, including government agencies, financial institutions, and the public, as it may set the tone for future legal and administrative measures against black money. The SIT’s efforts are seen as crucial in the broader context of enhancing transparency in financial transactions and boosting the government’s initiatives towards a cleaner economy. Learn the Essentials of Sections 269 and 271 In a related update, Justice (Retired) Arijit Pasayat, the vice-chairman of the SIT, confirmed that the upcoming submission will be the ninth interim report to the Apex Court. Since its formation following the first Cabinet meeting of the Narendra Modi government in May 2014, the SIT has already submitted eight reports. Justice Pasayat clarified that this will not be the final report as ongoing investigations continue to unearth more details. He also mentioned that he is currently on a three-day visit to the state, where he is expected to hold a meeting with officers from the Income Tax Department, Enforcement Directorate, Customs and Excise, and the Central Board of Indirect Taxes in Cuttack tomorrow, on August 28. Learn the Essentials of Sections 269 and 271 The meeting will also be attended by ED Director Rahul Navin, signalling a continued collaboration among key agencies in the fight against black money.