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Special Investigation Team to hold its first meet on Black Money
The first high level meeting of the Special Investigation Team (SIT) on the issue of black money and special probe into cases of unaccounted funds will be held today. The meeting will be chaired by Justice (retd) MB Shah and will be attended by SIT vice-chairman Justice (retd) Arijit Pasayat along with top officials of 11 high-profile agencies and departments.

The meeting is expected to discuss about the formation of new policies to combat the menace of black money. A number of politicians reacted on the issue. Ali Anwar, JD(U) leader says, “The political parties spend money on election campaign and the corporates give them money, all that is black money. So, we need to wait and see, that if it is really a genuine trial or they are just showing off.”

While another leader, Rashid Alvi, said, “we have worked a lot on this black money issue, but this is not the time to repeat it. They are conducting SIT meet, which is very good. The whole country wants to know about the black money in the country and what the government is doing to bring the money back.”

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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