Provide information to SIT on black money: RBI directs banks and FIs

The RBI has asked all Banks and Financial Institutions (FIs) to provide information and documents sought by the Special Investigation Team (SIT) set up to uncover black money.
The new Government at Centre recently constituted an SIT under the chairmanship of former Justice M.B. Shah in pursuance of a July 2011 Supreme Court judgment.
The Finance Ministry has informed that the government will write to Switzerland seeking details of Indians with unaccounted money in Swiss banks.
As per the latest data published by Swiss National Bank, the volume of Indian money in various Swiss banks swelled 43% during 2013 to almost Rs. 14,000 crore, including money held directly by Indian clients and those through fiduciaries or wealth managers.
Switzerland has expressed its willingness to working together with the new government of India in its fight against tax evasion.

Month: Current Affairs - June, 2014