Government sets up panel to look into ways of recovering black money

Under pressure from civil society and elements within the ruling UPA alliance, the central government has decided to set up a committee to look into ways of recovering black money, which has been lying unrecoverable either because the assessees are untraceable or the assets available for recovery are far too short.

The Central Board of Direct Taxes (CBDT) today announced the constitution of a committee to look into ways of recovering income tax demands where the asessees are either not traceable or the assets available for recovery fall short of the tax demand.

The committee will specifically examine certain suggestions on ways of recovering income tax demand classified under the categories "Assessees not Traceable" and "No Assets / Inadequate Assets for Recovery," an official release said today.

The committee headed by Anita Kapur, director general of income tax (DGIT-administration) (chairperson), includes Sheba Bhattacharya, DIT (recovery), Harish Kumar, DIT(CBDT-systems-III) and Deepak Garg, director (ITCC), a nominee of FIU-IND, as members and H A Siddiqui, addl DIT (recovery) as member secretary.

The chairperson will have the powers to co-opt any other member(s) to the committee, an official communique said.

It added, the committee will, among other things: