New Delhi: The government on Monday said the future course of action on blackmoney will be decided after studying the Supreme Court order to appoint a high-level team to monitor the investigation and the steps being taken to bring illegal wealth stashed away in foreign banks.

Read More: Blackmoney issue: SC appoints SIT

"... we will examine it (the order)...and then we will decide what course of action will be necessary," Finance Minister Pranab Mukherjee said when asked to comment on the Supreme Court's order on blackmoney.

Home Minister P Chidambaram said, "I do not think one should give off-the-cuff reaction on a Supreme Court order. If Supreme Court has given an order it is final because it is the final court. Let us first read the order."

The Supreme Court on Monday appointed a high-level Special Investigation Team (SIT) headed by former Supreme Court judge B P Jeevan Reddy to monitor the investigation and the steps being taken to bring back blackmoney stashed away in foreign banks.

Besides Justice Reddy, who will be the chairman of the SIT, the apex court appointed former judge M B Shah as the vice-chairman of the panel.

Chidambaram also said that after going through the details a government spokesman will respond to it, if necessary.

A bench comprising justices B Sudershan Reddy and S S Nijjar passed the order on a petition filed by eminent jurist Ram Jethmalani and others seeking directions to the government to track blackmoney stashed away abroad and bring it back.

BJP welcomes SC order

Court appointing a Special Investigation Team (SIT) to look into the blackmoney issue, saying it came as a "slap in the face" of the UPA government for consistently failing to bring back the money stashed in foreign banks.

"We welcome the Supreme Court decision to appoint a SIT on the Blackmoney issue. This decision has fully exposed the government and the Congress. The government does not want to take any tough and honest measures to check corruption and blackmoney. This decision is a slap in the face of the government," BJP spokesperson Prakash Javadekar said.

"This decision is proof that even the court does not trust the government's intentions on tackling corruption," he said.
A SIT headed by retired judge B P Jeevan Reddy was on Monday appointed by the Supreme Court to look into the matter.

"The government has consistently failed to bring back Indian blackmoney. This is because the government is merely engaged in cover-up. The government is trying to justify this by saying it has signed double taxation avoidance agreements with these countries," Javadekar said.

He demanded that the government should make the list of those having blackmoney public and also reveal if it has an action plan to deal with this menace.

"We demand that the government should declare Indian Blackmoney abroad as a national asset and also bring a Bill in the forthcoming monsoon session to deal with the problem," Javadekar said.