To curb black money in the Indian economy, which committee headed a special investigation into unaccounted income?

Introduction / Context:
Black money refers to income that has not been declared to tax authorities and therefore remains outside the formal economy. The Government of India has formed several committees and panels to study black money, recommend measures, and conduct investigations. This question asks you to identify the committee associated directly with the issue of black money among the listed options.

Given Data / Assumptions:

• The subject is black money and unaccounted income in the Indian economy.
• Four different committees are listed, each known for a particular policy area.
• The task is to match the correct committee with the black money issue.

Concept / Approach:
Each of the named committees had a specific mandate. The committee headed by Justice B M Shah is well known as a Special Investigation Team on black money, set up following directions of the Supreme Court. Deepak Mohanty Committee studied financial inclusion, Nachiket Mor Committee focused on small customer financial services, and Suresh Prabhu has been associated more with sectors like railways and infrastructure policy. The approach is to recall which committee dealt with unaccounted wealth and related enforcement issues.

Step by Step Solution:
Step 1: Identify that the question directly mentions the aim of curbing black money in the economy. Step 2: Recall that the Supreme Court directed the Government of India to form a Special Investigation Team on black money. Step 3: This team was headed by former Supreme Court judge Justice B M Shah. Step 4: Recognize that Deepak Mohanty Committee and Nachiket Mor Committee dealt mainly with financial inclusion and banking services, not black money as their primary focus. Step 5: Therefore, the Justice B M Shah Committee is the correct match for the black money issue.

Verification / Alternative check:
You can verify by associating each committee with its main report. Nachiket Mor is connected with recommendations on small customer banking, deepening access to finance, and differentiated bank licenses. Deepak Mohanty Committee discussed comprehensive financial inclusion plans. In contrast, the Justice B M Shah panel is routinely described in news reports as the Special Investigation Team on black money, confirming that only this choice directly suits the question.

Why Other Options Are Wrong:
Deepak Mohanty Committee: This committee focused on financial inclusion and not directly on the investigation of black money, so it is not correct here.
Suresh Prabhu Committee: Suresh Prabhu has chaired several panels, but none of the widely known ones had black money as the central subject in this context.
Nachiket Mor Committee: Its mandate was to propose a framework for financial services for small businesses and low income households, not for tracing unaccounted money.

Common Pitfalls:
A common mistake is to identify any committee linked with economic or financial reforms as being related to black money. Another pitfall is to confuse the timeline of various committees set up around the time of major policy moves such as demonetisation. To avoid this, clearly connect the black money topic with the Justice B M Shah led investigation team in your memory.

Final Answer:
The committee associated with curbing black money in the Indian economy is the Justice B M Shah Committee on black money.