SIT to assess black money bank accounts by March 2015, says AG

With the government submitting a list of 627 black money account holders to Supreme Court in the black money case, Attorney General Mukul Rohatgi on Wednesday said that the deadline for investigation into these accounts, under the Income Tax Act, is March 31, 2015.

He said that the court directed that the sealed envelope containing the names be given to the Special Investigation Team (SIT) and also allowed the government to put its "problems regarding treaties with foreign nations" before the SIT.

"After that we shall request them to submit the report in the court by November 30," Rohatgi said.

"There are about 627-628 accounts along with a status report which we have submitted in the Supreme Court today (Oct 29) in a sealed cover. Last date for investigation and assessment into all these accounts is March 31, 2015.

The court (SC) after hearing both sides, did not open the cover but directed that the sealed envelope be given to the SIT itself. The SIT will thereafter see what it has to do and proceed in accordance with law," the AG said.

Speaking to the media immediately after the hearing, Rohatgi also said that the same list had been submitted to the SIT in June this year.

"The apex court has asked SIT to verify the list given by the government and carry on with probe in accordance with law," he said, adding, "The court has permitted us to place our problems regarding treaties with foreign nations before the SIT."