Maintaining that the Centre has taken a right decision in demonetising Rs500 and Rs1,000 currency notes, Special Investigation Team (SIT) on Black Money Vice-Chairman Justice Arijit Pasayat on Sunday said the black money is not yet completely weeded out from India.
He said the SIT in its interim report to the Supreme Court had given a proposal for demonetisation of high-value notes like Rs500 and Rs1,000.
“The Centre’s decision will substantially bring down the volume of black money in the country. However, people who have no black money are now facing difficulties due to demonetisation. More steps should be initiated to sort out their difficulties at the earliest,” said the former Supreme Court judge here.
He said the Enforcement Directorate and the Income Tax Department would trace the people who have invested their black money either in real estate or in the purchase of land or gold.
The SIT has also suggested the Centre to ensure that no person can have a cash of Rs15 lakh in his/her house, he said.
