Black money issue: SC appoints SIT headed by justice Reddy

The apex court said the issue of black money has to be taken seriously and the state is primarily responsible to make all efforts to bring back into the country such wealth and punish people who have stashed away money in foreign banks

New Delhi: The Supreme Court on Monday appointed a high-level special investigation team (SIT) headed by former apex court judge BP Jeevan Reddy to monitor the investigation and the steps being taken to bring back black money stashed away in foreign banks, reports PTI.

Besides justice Reddy, who will be the chairman of the SIT, the apex court also appointed its former judge, justice MB Shah as the vice-chairman of the panel.

A bench comprising justices B Sudershan Reddy and SS Nijjar directed that the high-level committee (HLC) constituted by the government to look into the issue of black money would 'forthwith' be a part of the SIT.

The bench also directed the government to disclose the names of all the persons who have been issued show cause notices by the authorities in connection with the probe into the black money issue.

The court, however, made it clear that the authorities would not disclose the names of those who have not been investigated in connection with deposits made in foreign banks including Liechtenstein bank.

The court passed the order on a petition filed by eminent jurist Ram Jethmalani and others seeking directions to the government to track black money stashed away abroad and bring it back.

The court also asked the SIT to submit a comprehensive action plan to deal with cases relating to the black money issue.

Justifying its decision to constitute the SIT, the bench said that in previous cases also the court has been passing such orders to fulfil its constitutional obligation.

The court also said that it is not possible for it to be involved in day-to-day investigations in the case as the resources at its disposal were scarce.

The bench said the issue of black money has to be taken with a degree of seriousness and the state is primarily responsible to make all efforts to bring back into the country such wealth and punish people who have stashed away money in foreign banks.

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No decision on lowering GDP projection yet: FM

Global ratings agency Fitch has lowered its growth forecast for India in 2011 to 7.7% from 8.3% previously, saying that the economic outlook is likely to remain somewhat clouded by persistently high inflation

New Delhi: Finance minister Pranab Mukherjee today said the government has not taken any decision yet on revising the economic growth projections for 2011-12, reports PTI.

"We have not taken any decision yet...," Mr Mukherjee told reporters when asked if the government is planning to revise the gross domestic product (GDP) growth projections downwards.

In the Economic Survey, the government had projected that India's GDP growth would be between 8.75% and 9.25% this fiscal.

However, in its monetary review for the fiscal, the Reserve Bank of India pegged the GDP growth at 8%, lower than the 8.5% recorded in the previous fiscal.

The RBI has been holding a view that controlling inflation is top priority, even at the cost of growth. The central bank has hiked key policy rates 10 times since March 2010 in its bid to check price rise.

The hard interest rate regime has seen the industrial production growing by 6.3% in April 2011 compared to an over 16% growth in the year-ago period, prompting analysts to say that probably economy is slowing down.

Global ratings agency Fitch has also lowered its growth forecast for India in 2011 to 7.7% from 8.3% previously.

The Fitch report says the economic outlook is likely to remain somewhat clouded by persistently high inflation.

Last week in Washington, the finance minister had said that the Indian economy is likely to maintain the growth momentum of the previous fiscal in 2011-12 as well.

In 2010-11, the economy is estimated to have expanded at 8.5%.

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Bajaj’s motorcycle sales rise 14% in June

Total vehicle sales of the company last month stood at 3,66,657 units compared to 3,15,422 units in the same period a year ago, a growth of 16.24%

New Delhi: Bajaj Auto, the country's second largest two-wheeler maker, today reported its highest ever motorcycle sales for the month of June at 3,22,827 units, registering a jump of 14.15%, reports PTI.

The company had sold 2,82,808 units in the corresponding month last year, Bajaj Auto (BAL) said in a statement.

BAL recorded its highest ever exports for June at 1,42,124 units compared to 1,14,024 units in June 2010, a growth of 24.64%.

The company also witnessed its best figures for June in the three-wheeler segment last month at 43,830 units as against 32,614 units in the same month last year, registering a jump of 34.39%.

Total vehicle sales of the company last month stood at 3,66,657 units compared to 3,15,422 units in the same period a year ago, a growth of 16.24%, the statement said.

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