Modi to set up SIT [Special Investigation Team] for unearthing black money.

As new prime minister(Narendra modi) has formed a new government in India , a little sign of extreme change is expected when the Bharatiya Janata Party leader Narendra Modi has set up a special investigation team(SIT) to unearth "black money" . Black money" refers to funds earned through illegal means, whereby income and other taxes have not been paid.

Communication Minister Ravi Shankar Prasad stated on Tuesday that "It is a matter of great assurance for us that in the very first cabinet meeting of the new government head by honorable Prime Minister Shri Narendra Modi, in the light of the directions of the honorable Supreme court, we have constituted SIT [Special Investigation Team] for unearthing black money," .


The minister also said the team would be headed by a retired judge of India's Supreme Court, MB Shah, who said on Wednesday that he will be firm in dealing with politicians and industrialists if they were found involved in hiding unaccounted money in foreign banks.

According to a report published by a US-based research and advocacy organisation, India lost $123bn in black money from 2001 to 2010.