NEW DELHI: The Special Investigating Team (SIT) set up by the government to probe black money stashed aborad by Indians met for the first time on Monday. The Justice M B Shah headed SIT prepared a road map to tackle the issue.

“The meeting, detailed modalities of proceeding further with the Supreme Court mandate were discussed and the roadmap decided,” finance ministry said in a statement on Monday after the SIT’s two hour long meeting. “It was a good meeting,” Shah told reporters refusing to reveal and details.

SIT was recently constituted to implement the decision of the Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.

The next meeting of the SIT will be convened shortly to take stock of the follow-up of the decisions taken in the first meeting of SIT, the statement said without giving out any details.

The meeting was attended by former Supreme Court Justice (retd) Arijit Pasayat, who is also vice chairman of SIT, and top officials of 11 high-profile agencies and departments including Intelligence Bureau, Research and Analysis Wing, CBI and Enforcement Directorate, Narcotics Control Bureau, Director General of Revenue Intelligence, and Director of the Financial Intelligence Unit. A joint secretary in the Central Board of Direct Taxes is also its member.

The SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in some high-profile tax evasion cases.

The panel will have jurisdiction in cases where investigations have commenced, are pending, are awaiting to be initiated or have been completed.

The Terms of Reference for the SIT, which was notified on May 27 require it to investigate “with respect to unaccounted monies being stashed in foreign banks by Indians or other entities operating in India that may arise in the course of such investigations and proceedings.”

The Special Investigation Team will prepare a comprehensive action plan, including creation of an institutional structure that could enable the country to fight the battle against unaccounted money. Sources said SIT sought all details of ongoing probes and other available information.