Free Press Journal

SC rejects govt plea against forming probe team on black money


–SC rejects govt plea to modify court’s order on black money
–Govt moved SC against forming probe team on black money
–SC pulls up govt for not taking steps on black money issue
–SC: Per capita income would’ve risen if black money brought back
–SC observes black money adversely affecting country’s economy

New Delhi: The Supreme Court today pulled up the central government for “inaction” on bringing black money stashed in tax heavens abroad and rejected the government’s plea against formation of special investigation team on the issue.

On a public-interest litigation by lawyer politician Ram Jethmalani, the apex court had in July 2011 ordered setting up of a special investigation team to probe and facilitate bringing back black money.

The central government had filed an application for modification of the order saying sufficient steps were being taken on the issue.

The apex court today rejected centre’s plea saying the special investigation team “will do what the whole country has been dreaming”. The bench observed that black money was having severe adverse impact on country’s economy.

Per capita income would have gone up and income tax rates would have gone down if all the money in tax heavens is brought back to India, the bench observed, adding that no steps on the issue were taken in the last six decades.

Jethmalani last year moved the Supreme Court also alleging that the government is “brazenly and wilfully” flouting the apex court’s orders and sought hearing of his plea for disclosure of names of persons being probed in relation to accounts in Liechtenstein Bank.