Accounting regulator ICAI has set up a group of experts to suggest the government ways to deal with the menace of black money and retrieve the illegal money stashed in tax havens and overseas banks.

"In the wake of the ongoing demand from various groups and political parties to bring back the black money stashed in the overseas market, ICAI has constituted a group to provide necessary inputs or suggestions on effectively addressing the issue of black money," ICAI President G Ramaswamy said.

The group, headed by Ramaswamy himself, consists of nine members of the Institute of Chartered Accountants of India's (ICAI's) central council.

"The inputs and suggestions will then be submitted to the Central Board of Direct Taxes (CBDT)," Ramaswamy said.

The issue of black money has become a major topic of debate in India. Today, a lobby group representing the Mauritius-linked global investors claimed that the island nation was cooperating in India's fight against black money and it was fully 'clean and transparent' on this front.

Also, the Supreme Court today appointed a Special Investigation Team for monitoring probe and steps being taken to bring back black money stashed.

The ICAI, which just last week celebrated its 63rd Foundation Day, has over 1.73 lakh members and 8.74 lakh students.