Government panel to look for ways to curb black money

The government has constituted a committee headed by chairman of the Central Board of Direct Taxes (CBDT) to look for ways of strengthening laws to curb generation of black money and illegal fund transfers abroad, as also for recovering such illegal assets.

The committee will examine the existing legal and administrative framework to deal with the menace of black money including, inter alia:

• Declaring wealth generated illegally as national asset
• Enacting / amending laws to confiscate and recover such assets; and
• Providing for exemplary punishment against its perpetrators

The committee will consult all the stakeholders and submit its report within a period of six months.

The committee will examine the existing legal and administrative framework to deal with generation of black money through illegal means.

Among the likely measures are to declare wealth generated illegally as national asset, enact or amend laws to allow confiscation and recovery of such assets and provide for exemplary punishment against its perpetrators.

Besides the CBDT chief, the committee includes member (L&C) of CBDT, director of the enforcement directorate, director general of revenue intelligence, director general (currency), joint secretary (FT&TR) of CBDT, joint secretary in the ministry of law, director (FIU- IND) as members.

The commissioner of income tax will be its member secretary.