First Cabinet move: SIT on black money

NEW DELHI: The first Cabinet meeting of the Modi government on Tuesday decided to constitute a special investigative team (SIT) to dig out black money. The SIT will be headed by a retired Supreme Court judge, M B Shah. The decision on the SIT is in compliance with the Supreme Court directive on black money. The vice-chairman of the SIT will be another former SC judge, Arijit Pasayat. It will be assisted by the revenue secretary, directors of CBI, IB, RAW and ED, the CBDT chairman and an RBI deputy governor. The government was given a week by the SC to set up an SIT. Briefing the media on the cabinet meeting, law and telecom minister Ravi Shankar Prasad said, "In the first Cabinet of the new government...in the light of the directions of the SC, we have constituted an SIT for unearthing black money... This was an important issue for us." A press release added, "The SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money." Prasad said the quick move to set up the SIT "indicates the commitment of the new government to pursue the issue of black money." He added, "Tomorrow is the last date (for setting up of SIT), therefore the very first agenda in accordance with its policy commitment was to have this very high-profile SIT."