Over the last two years, the SIT in its various reports has made a number of recommendations to curb black money. Indian authorities suspect that some of the money coming to India through participatory notes may be black money stashed overseas returning in the garb of foreign capital. Shah, was constituted in 2014 by the National Democratic Alliance government on the Supreme Court’s orders to look at ways to bring back black money from outside India as well as check the creation of black money. All exporters have to bring foreign exchange into the country as export proceeds within one year of the date of exports, according to RBI regulations. The Supreme Court-constituted Special Investigation team on black money has told the enforcement directorate (ED) to probe nearly 788 exporters who failed to bring back export earnings into India within the stipulated time frame as per existing laws.

Source: Mint July 21, 2016 15:00 UTC