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LATEST NEWS UPDATES | Panel set up to curb black money by Surojit Gupta

Panel set up to curb black money by Surojit Gupta

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published Published on May 28, 2011   modified Modified on May 28, 2011
The central government on Saturday set up a committee to examine ways to tighten laws to curb black money generation.

The panel is to submit its report within six months after consultations with the stakeholders. The panel headed by thw Central Board of Direct Taxes (CBDT) chairman will study ways to prevent the transfer of black money abroad, besides recovering such illegal assets.

The committee will also 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 providing for exemplary punishment against its perpetrators.

Besides the CBDT Chairman, other members of the committee would include CBDT Member, Legislation and Computerisation (L&C), Director of the Enforcement Directorate, Director General of the Directorate of Revenue Intelligence (DRI), Director General (Currency), CBDT Joint Secretary (FT&TR) and Financial Intelligence Unit - India (FIU-IND) Joint Secretary.

CBDT's Commissioner of Income Tax (CIT)(Investigation) would be the committee's Member Secretary.

India has been grappling with the issue of black money as scams after scams involving politicians, bureaucrats and tax evaders have been exposed in the past few years. In a disclosure in April this year, WikiLeaks chief Julian Assange said that there were Indians who had stashed their black money in secret Swiss accounts.

The Times of India, 28 May, 2011, http://timesofindia.indiatimes.com/india/Panel-set-up-to-curb-black-money/articleshow/8624211.cms


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