Govt allocates Rs 8.93 crore for black money investigation

Government has sanctioned a budget of Rs 8.93 crore (Rs 80.93 million) for the infrastructure and logistical requirements of the Special Investigation Team (SIT) set up to combat the menace of black money in the country.

The allocation was part of the budget 2014-15 presented by Finance Minister Arun Jaitely on Thursday.

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"The funds will be used to setup the infrastructure and logistics for the SIT. The expenditure would be made by the Department of Revenue," a senior Finance Ministry official said.

The SIT, headed by former Supreme Court Judge M B Shah and Vice Chairman Arijit Pasayat has 11 members in the panel who are the heads of a number of investigative and enforcement agencies of the country.

After the first meeting of the SIT last month, the government had said the detailed modalities of proceeding further with the Supreme Court mandate were discussed and the road map decided. Jaitely in his budget speech had on Thursday said, "We also must address fully the problem of black money which is curse of our economy."

Please click here for the Complete Coverage of Budget 2014 -15