A secret envelope containing names of the 627 Indians that are having bank accounts in foreign countries was sent to the Special Investigation Team that was set under the directions of the Supreme Court of India. This envelope also contains the name of Indians who have disputes over the unpaid tax.
Other than that there were two distinct envelopes which were holding information furnished by the French government and crucial steps taken by the Government of India thus far in trying to get back the illegal funds parked by Indians in overseas banks.
As per the reports, an amount ranging from $426 billion to $1.4 trillion can be recovered as a part of this mission. However, the chances of it are somewhat low as in past there were no significant achievements scored by the efforts made by country over this.
The SIT team is headed by Justice MB Shah(retd.) and the vice chair person of it is Arjit Pasayat,
retired judge of the Supreme Court of India. This was also ordered by Supreme Court on July 4,
2011, and were officially notified on may, 2014. the panel said “no one will be spared” and also included that they will try to achieve the objective of the Supreme Court.
Nodal agency would be necessary for the purpose of coordination. The company said they need specific functionaries to do investigation, coordination. Supreme Court wanted expedited hearing of the matter. Advertisements will also be put out for people to put out specific data.
There are many other names apart from these 627 names that were shared with the Supreme Court. Whosoever looted this country will be caught and punished economically or otherwise.
The court has given a deadline of march next year. Till then the council have to submit all their outcomes that whether the suspects have really violated tax laws.
“The court said we must place problems before the SIT for further negotiations on treaties and any economic impact,” said Attorney General Mukul Rohatgi on Wednesday.