Representational image of black money
Supreme Court-appointed Special Investigation Team (SIT) vice chairman Justice Arijit Pasayat Tuesday suggested appropriate amendments in existing tax laws to curb the use of money power to win elections.
"It has come to the notice of the SIT that nearly Rs 3,800 crore was seized from across the country during the time of elections in April-May this year," he said.
Justice Pasayat was briefing media after a meeting with officials from crime branch, vigilance, economic offence wing, Directorate of Revenue Intelligence, Enforcement Directorate, CBI, SEBI, Income Tax and Central Economic Intelligence Bureau in the city.
He said the agencies discussed various modalities to make the tax laws more effective.
Discussions were held as to how seizures made during the time can be treated as 'predicate offences' so that the Enforcement Directorate and Income Tax
Department can bring the seized amounts under the tax net.
Justice Pasayat said the SIT that was formed in 2014 has already prepared its seventh interim report to be submitted to the Supreme Court in July this year.
"The new report includes several suggestions to curb the menace of black money in the country," he said, adding the SIT is also of the opinion of having special courts in the country to deal exclusively with offences related to black money.
"About 15,000 to 16,000 such cases are still pending in different courts of the country for over 10 to 12 years now.
We have recommended in our report to expedite the trial in these cases and set up special courts to deal with the pending cases," the SIT vice chairman said.
He added that proper prosecution and putting the offenders behind the bars will have a deterrent effect on generation of black money.
