70,000 Crores Detected Through Central Schemes: Black Money Panel Member Justice Arijit Pasayat

CUTTACK:He said the SIT made several recommendations in the past two years through its interim reports to check generation of black money. Black money worth R

s. 70,000 crore has been unearthed through different schemes of the government, said Deputy Chairman of the Supreme Court-appointed SIT on black money, Justice Arijit Pasayat on Thursday. The sixth interim report on it will be submitted to the Supreme Court in April. More than Rs. 16,000 crore of the Rs. 70,000 crore was detected after probe launched into global leaks about Indians stashing funds abroad, he said.

Justice Pasayat held a meeting with officers of several government agencies dealing with economic and financial affairs in Cuttack.

"While most of our recommendations have been accepted by the government, some are under active consideration to clampdown on black money," he said.

"One of our proposals, on cash holding of Rs. 15 lakh or more to be presumed as undisclosed, is under serious consideration of the central government," Justice Pasayat said, adding that on the SIT's recommendation the government has already declared that cash transaction beyond Rs. 3 lakh will be treated as illegal and punishable under law.

On Odisha specific economic offences and unearthing of black money, he said Thursday's meeting was specifically convened to ensure smooth coordination between all investigating agencies in sharing their findings with other agencies for easy detection of ill-gotten money.

Justice Pasayat said he has asked the state crime branch, probing various wrongdoings of private educational institutions, jewellery shops, real estate companies, self-styled godmen, mafia dons, to share their findings with sleuths of the Income Tax department and the Enforcement Directorate for a thorough probe.