Budget provisions to check blackmoney much needed: SIT

New Delhi, Mar 1: The Special Investigation Team (SIT) on black money has welcomed the announcements made in the Budget to tackle menace of illegal funds and similar assets stashed abroad even as it cautioned that good results in this direction would come only after new laws and measures are implemented in a proper manner.

"The measures (that were announced in Budget) are very good. Almost all provisions (as suggested by SIT and otherwise) have been made...(in the speech delivered by Finance Minister Arun Jaitley). These measures will make it easier and better to find out the instances of illegal money and these were much needed.

"But, how it is implemented (the budget announcements) this has to be seen. It is good to know that it has been said that any cash transaction beyond Rs 1 lakh should have a PAN number (to be furnished). This is a very good thing," SIT Chairman Justice (retd) M B Shah told PTI.

Jaitley, yesterday during the announcement of the Union Budget, declared the government's proposal for a comprehensive law to check the menace by providing for a jail term upto 10 years for hiding foreign assets.

The Minister also said a host of other tough measures including dis-incentivising of cash dealings in real estate and other transactions will be put in place.

"We (SIT) are happy about the Budget proposals. All these measures will actually boost our efforts (in unearthing and combating black money). It (Budget) is very happening...now SIT will have some tip to go behind them (tax evaders) who have undisclosed income. It will also have more deterrent effect as there are harsher penalties and prosecution," Vice-Chairman of the high-powered panel, Justice (retd) Arijit Pasayat said.

The SIT, in its report submitted to the Supreme Court and government last year, had made suggestions on these lines to the Finance Ministry, some of which have found mention in Jaitley's speech.

PTI