The special research team would have jurisdiction over different cases of funds which remains unaccounted or the black money which is stashed abroad by the Indians. The team would also have the authority to govern pending cases along with those investigations which has already commenced, awaiting their initiation or have been completed. Cabinet ministers have welcomed the decision of forming the SIT and are supporting it completely.
India has joined other countries such as Britain and the U.S. and aims at cracking down on those people who do not report their offshore funds. Private companies and high net worth personalities are generally regarded as the primary culprits indulging in the illicit flow of money.
President Pranab Mukherjee in his joint addressal to both the houses of the Parliament also commented on the formation of the team and said that India would actively engage with foreign governments to bring back the black money.
The black money covers the money which is earned and illegally transferred to foreign countries in order to avoid tax. With the formation of special investigation team, India is getting closer to unlock the mysteries associated with the vaults of Swiss banks' black money sourced from Indians. These people can’t use top banks in India to stash their black money, since Indian banks have no such facility. Good news is that Switzerland has also agreed upon providing secret information about Indian citizen’s finances which are locked away in the bank.
Under the Prime Minister Narendra Modi’s clear vision, it is possible that India would become a developed country soon. He is focused on providing all the basic necessities to the citizens and aims at developing the country with the black money available in the foreign banks.