3 SC monitored SIT on black money and Jan Dhan Yojana among his initiatives. SC-monitored SIT on Black MoneyThe first such initiative came when the Narendra Modi Government, in its very first Cabinet meeting, constituted a Supreme Court-Monitored Special Investigation Team (SIT) on Black Money. Hence, a whopping 15.62 crore accounts have been opened in the rural areas and 9.83 crore accounts have been opened in the urban areas. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 for Foreign Black MoneyThe scheme was launched to bring back black money stashed in foreign countries and tax havens. The Act also had various stringent provisions for penalty and prosecution of foreign black money holders unearthed during future investigation by the tax department.

Source: India Today November 08, 2016 17:15 UTC