The allocation was part of the budget 2014-15 presented by Finance Minister Arun Jaitely on Thursday.

"The funds will be used to set up the infrastructure and logistics for the SIT. The expenditure would be made by the Department of Revenue," a senior Finance Ministry official said.

The SIT, headed by former Supreme Court Judge MB Shah and vice-chairman Arijit Pasayat has 11 members in the panel who are the heads of a number of investigative and enforcement agencies of the country.

After the first meeting of the SIT last month, the government had said the detailed modalities of proceeding further with the Supreme Court mandate were discussed and the road map decided.

Arun Jaitely, who presented the Union Budget for 2014-15 in the Parliament on Thursday, said the government will fully address the problem of blackmoney. The Finance Minister said blackmoney is a curse on the Indian economy.

(JPN/Agencies)

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