Rs 70,000-Crore Black Money Detected So Far: Justice Pasayat 

Deputy Chairman of the Supreme Court-appointed Special Investigation Team (SIT) on black money, Justice Arijit Pasayat, on Thursday said Rs 70,000 crore of black money has been unearthed so far and the sixth interim report on it will be submitted to the apex court in April.

Of the Rs 70,000 crore, more than Rs 16,000 crore was detected after probe launched into global leaks about Indians stashing funds abroad.

He was speaking to reporters after a meeting with officers of several government agencies dealing with economic and financial affairs in Cuttack, Odisha.

He said the SIT made several recommendations in the past two years through its interim reports to check the 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 the government has already declared that cash transaction beyond Rs 3 lakh will be treated as illegal and punishable under law on the SIT's recommendation.