SIT, too, waiting for data

A day after newspapers reported Switzerland was willing to share information regarding Indians who have stashed un-taxed money in Swiss banks, the Special Investigation Team, headed by M B Shah, on Monday said they have sought information and would take action.

"We have not got anything yet. We have asked for the information," Shah told Business Standard over the phone from Ahmedabad. He said the SIT, appointed a day after the Narendra Modi-led Bharatiya Janata Party took charge of the Union government, had met twice so far and was in the process of collecting information.

"The revenue secretary has been asked to draw a road map for SIT's course of action," he added.

The successive Union governments have failed to put a check on the amount of Indian black money stashed abroad. A US-based research and advocacy group had estimated an outflow of $123 billion ill-gotten money from India during 2001-2010.