The SIT will be headed by former Supreme Court judge M B Shah and will include Revenue Secretary, CBI and IB directors, Enforcement Directorate official, CBDT Chairman and RBI deputy governor. Former Supreme Court judge Arijit Pasayat will be the vice-chairman of the panel.
The Supreme Court had last week granted the government one week to constitute the SIT for monitoring of all black money cases.
"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," Law and Telecom Minister Ravi Shankar Prasad told reporters after a one-and-a-half-hour long Cabinet meeting.