The Supreme Court appointed Special Investigation Team (SIT) on black money has asked the Enforcement Directorate (ED) to take action against nearly 800 errant companies that have export proceeds pending for realisation for more than Rs 100 crore each. The issue came up for discussion during a recent review meeting where it emerged from the Reserve Bank of India (RBI) data that a huge amount of export proceeds have not been realised. Of the companies against which action will be taken under the Foreign Exchange Management Act, 216 firms have pending proceeds for the period before March 1, 2016 and another 572 firms for the period after March 1, 2016. The SIT has also asked the Directorate of Revenue Intelligence (DRI) to check from its database the number of companies that have claimed duty drawback but have failed to bring export proceeds and take necessary action against them. "The RBI may also develop an institutional mechanism and IT system to immediately red flag cases where exports have been outstanding in violation of FEMA guidelines and share the complete data with the ED and DRI on a monthly basis," said the Finance Ministry in a release on Thursday.