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The Special Investigation Team (SIT), set up to probe into India's black money stashed in foreign banks, is set to hold its first meeting in Delhi on Monday.

Narendra Modi-led NDA government had formed the SIT last week, as per the Supreme Court's orders.

According to media reports, the high-level meeting of the SIT, headed by retired Supreme Court judge Justice MB Shah, will be attended by the team's vice president Justice (retired) Arijit Pasayat and the officials of 11 probing departments and other agencies.

SIT's main and immediate function is investigation into the black money deposited by Indian individuals and organisations from the country in foreign banks.

The meeting is likely to discuss matters pertaining to containing the black money menace in the country, and the current status of the probe into the same by all departments concerned.

The participating departments have been intimated to bring all documents pertaining to Indian black money deposited abroad. The SIT is to elicit all relevant points from the agencies to go further ahead in the probe.

SIT's terms and reference, issued by the Department of Revenue within the Union finance ministry, say that the team will probe all matters pertaining to unaccounted money stashed in foreign banks by Indian citizens and other organisations from Indian soil.

The SIT contains heads of India's key agencies of investigation, enforcement and intelligence organisations.

Secretary, Department of Revenue, RBI's Deputy Governor, Director of Intelligence Bureau, Director of Enforcement Directorate, Director CBI, CBDT Chairman and Director General Narcotics Control Bureau will be among the panel of the SIT.

Director General of Revenue Intelligence, Director, Financial Intelligence Unit, Secretary Research and Analysis Wing the Joint Secretary of Foreign Tax and Tax Research in the Finance Ministry will act as other members of the SIT.

Earlier, when the government appointed MB Shah as the chairman of the SIT, he had assured to end the probe into the black money issue at the earliest possible.

Recounting his past experience and speedy probes into illegal mining in Goa and Odisha, Shah has expressed confidence that he will ensure a speedy investigation in the black money issue as well.

Shah had also made it clear that he would be very firm in the probe, while dealing with political leaders and corporate heads, purportedly involved in stashing away black money in foreign banks.

SIT's terms and reference also states that it will ensure that the issue of Indian black money stashed in foreign banks is investigated, proceedings initiated and prosecutions conducted, pertaining to criminality and illegal activities.

The team will file periodic reports to the Supreme Court about the investigation.