The Supreme Court on Wednesday rejected the central government’s plea to review its order of July 2011 on setting up of a Special Investigation Team (SIT) to investigate all cases of black money.
“Since 1947, nobody thought for 65 years to bring these money stashed in foreign banks to the country. Government has failed in its role for 65 years. We are not impressed by your statement. If you had undertaken the exercise there was no need for continuous mandamus and we would have not stepped in” observed the apex court bench headed by Justice H.L. Dattu.
“If the money would have been brought back the economy of the country would have gone up. Per capita income would have gone up. Income tax rate which we are paying at 30 per cent would have been reduced,” the bench further stated.
The bench also expressed its anguish over the Centre failing to comply with its July 4, 2011 directive, in which it had ordered the centre to set up the SIT.
“You have not done the exercise pursuant to the order of July 4, 2011. Three years have passed but you have not done anything for the implementation of the order,” the bench added.
“At the end of the day this court wants that the black money stashed in foreign bank is accounted for and this court took up the cudgel and said the area in which you failed let it be achieved by us,” the bench said. (ANI)