Cuttack: In continuance of his high level meeting with the various authorities of Odisha Administration as well as other Central agencies, yet another vital meeting was chaired by Justice Arijit Pasayat here today at his residence in this historic city of Odisha.
Justice Pasayat is the Vice-Chairman of Supreme Court-constituted Special Investigation Team (SIT) on black money.
Interacting with media persons, the SIT Vice-Chairman said, “We’ll be submitting another report to the Supreme Court in the next two months. We have already submitted our sixth report. After submission of this report, further direction, if any, may be given by the Supreme Court.”
Informing on today’s meeting, Justice Pasayat said, “Lots of old matters were pending on which discussions were made today. Also discussion was made on some new matters. One is election expenditure and the money being seized. Around Rs 3,500 crore has been seized during the election period. Discussion was made how to levy tax on it and the source of the money. If it is termed as predicate offence, the Enforcement Directorate can take action. It can also be under the Income Tax angle.”
“We have proposed some changes. By doing so, the use of money during election beyond the prescribed limit could be ascertained and action could be taken. In some places, narcotic drugs have also been seized, also precious diamonds. Hence, we have proposed for more effective steps so that tax evasion could be checked,” he mentioned.
He added, “Black Money Act was in 2015. By its enactment, the impact has now started bearing fruit. All the assets in foreign land and no returns used to be filed. Now some prosecution and assessment could be made. Now it has become a big tool against foreign property that has been done by evading tax. Now those cases are being brought under the tax net.”
He explained, “India is a big country and accordingly problems are also many. The agencies may work effectively, but the legal process is time consuming. Simply imposing financial penalty and fine will not have impact unless and until criminal action is not taken against the offender and sent to jail. Jail will work as a deterrent.”
“Special courts are required to deal such offences, because cases are piling up and pending. More such courts could expedite the prosecution. We have already recommended and also further recommend,” the SIT Vice Chairman stressed.