The new Government notified about SIT on 27 May, and will work under the guidance of high profile team comprising of top bosses of the country's premier investigation, enforcement and intelligence agencies.
Though there are no official estimate of the Black money in India. But, Global Financial Integrity (GFI), a Washington based think-tank, has estimated it to be $462 billion (about Rs. 28 lakh crore in current exchange rates). The government has now commissioned National Council for Applied Economic Research (NCAER), National Institute of Public Finance and Policy (NIPFP), and National Institute of Financial Management (NIFM) to bring out an estimate of India’s black economy, as reported by Hindustan Times.
“The decision of forming SIT committee is taken by Supreme Court, and according to the SC's decision the new government has taken this step, so we welcome this move,” said Digvijay Singh, Congress Leader.
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