Rs 70,000-crore in black money detected in India, so far

Justice Arijit Pasayat said Rs 70,000 crore of black money, including more than Rs 16,000 crore detected after probe launched into global leaks about Indians stashing funds abroad, has been unearthed through different schemes of the government.

After a meeting with officers of several government agencies dealing with economic and financial affairs here, Justice Pasayat informed that the SIT will submit its sixth interim report to the Supreme Court in the first week of April.

He said the SIT made several recommendations in the past two years through its interim reports to check generation of black money.

"While most of our recommendations have been accepted by the government, some are under active consideration to clampdown on black money," he said.

"One of our proposals, on cash holding of Rs 15 lakh or more to be presumed as undisclosed, is under serious consideration of the central government," Justice Pasayat said, adding that on the SITs recommendation the government has already declared that cash transaction beyond Rs 3 lakh will be treated as illegal and punishable under law.

• Rs 70000 crore
• black money
• India
• SIT