New Delhi: Cricket betting has emerged as one of the key sources of blackmoney generation and according to one account it could be as high as Rs. three lakh crore which should be controlled, the Supreme Court was told on Tuesday.

The report of the court-appointed Special Investigation Team (SIT), submitted to the court, has put the total amount from 339 accounts mentioned in HSBC bank was Rs 6,400 crore.

On the basis of investigations carried out so far in respect of the 628 entries/persons having accounts in HSBC bank, there was no amount mentioned in 289 cases while a sum of Rs 237 crore has been recovered as tax and penalties on blackmoney, it said.

"Large amounts of black money are being transacted every year. As per the FICCI report, it comes to more than Rs three lakh crore. This is required to be controlled," the apex-court appointed said in its brief summary to a bench headed by Chief Justice HL Dattu,

The (SIT) submitted its report on the progress made in tracing and bringing unaccounted wealth from tax heavens. In its third report, the SIT has given the summary of steps taken, the results achieved and suggestions which can be adopted to bring illegal money back to country.

The SIT said it is awaiting response from various departments on its suggestions like making mandatory mentioning of the Permanent Account Number (PAN) in the invoice for sale and purchase of goods worth Rs one lakh or more.

The panel sought a direction from the court to the authority for implementation of its earlier suggestion that five additional courts be set up in Mumbai to deal with such cases.

Dealing with the investigation carried so far in respect of the 628 entries/ persons having accounts in HSBC bank, for which information came from France, it said that in 289 cases, no amount is mentioned.

"Amount is mentioned in 339 cases. (a) Total of peak balance is approximately $1.9 billion (i.e Rs 8624 crore). (B) Rs 2,224 is the total amount that of repeated/ duplicated entries on account of there being joint account holders/ beneficiaries. (C) Hence, net amount comes to Rs 6,400 crore," the report said.