RBI asks banks to give documents to SIT

The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.

"All the banks and financial institutions are advised to ensure that information/documents required by the SIT are made available as and when required,” the Reserve Bank said in a notification.

The SIT has jurisdiction in cases where investigations have commenced or are waiting to be initiated or have been completed. It held its first meeting on June 2. Earlier today, Finance Minister Arun Jaitley said the government will write today to Switzerland seeking details of Indians with unaccounted money in Swiss banks.

The minister's remarks came a day after a Swiss government official told PTI that the names of certain persons and entities who have come under the scanner of Swiss authorities is being shared with India.

Jaitley, however, said his ministry is yet to receive official communication in this regard.

According to the latest data published by Swiss National Bank, the country's central bank, Indian money in various Swiss banks rose 43 per cent during 2013 to almost Rs 14,000 crore, including money held directly by Indian clients and those through fiduciaries or wealth managers.

Switzerland today said it is looking forward to working together with the new government of India in its fight against tax evasion, according to a statement issued through the Swiss Embassy here.