Modi govt. constitutes SIT to unearth black money

Law Minister Ravi Shankar Prasad on Tuesday announced that the central government has constituted a high level Special Investigation Team to unearth the black money stashed in safe havens.

"In light of the directions of the Supreme Court, we have constituted a Special Investigation Team (SIT) to unearth the black money. It was an important issue for us, and therefore it is a matter of assurance for us," Ravi Shankar Prasad told media here today.

The SIT will be headed by former Supreme Court judge Justice M.B. Shah assisted by former Supreme Court judge Arijit Pasayat, who will be the Vice chairman of the SIT.

Secretary Revenue, Deputy RBI Governor, IB Director, ED Director, CBI Director, CBDT Director, Revenue Intelligence Director General, RAW Director are also a part of the SIT.

"This indicates the commitment of the new government to pursue the issue of black money in right earnest," Prasad added.

Earlier, Prime Minister Narendra Modi chaired the first cabinet meeting of his newly elected government.

The meeting was attended by all the ministers who took oath of office in the swearing-in ceremony on Monday.