Finance

More black money inside India than outside, SIT says

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BHUBANESWAR: The volume of black money stashed inside India is much more than that kept abroad, vice-chairman of special investigation team (SIT) Justice (retired) Arijit Pasayat said on Saturday.

“The volume of black money stashed in India is much more than it is now in the foreign countries. If the generation of black money is stopped, its flow to the foreign countries will be substantially reduced,” Pasayat, who held a high level meeting with state and central government officials at Cuttack, said.

Expressing concern over the alleged under-the-table transactions by charitable bodies and educational institutions, he said, “There are allegations about huge transactions of money being made under the table by some charitable trusts and educational institutions which are of serious concern. These allegations are under the scrutiny of the Income Tax department and the Enforcement Directorate (ED) who have taken steps in some cases.”

On chit fund and mining scams, the former Supreme Court judge said the CBI, ED and income tax department are probing them.

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