Black money – FinMin panel on voluntary compliance

Amid the growing clamour to crack down on generation of black money, the Finance Ministry has instituted a study group to improve “voluntary compliance” by suggesting appropriate measures to motivate tax evaders to disclose their unaccounted funds.

The study, which will be conducted by economic and tax experts, is also aimed at stopping “commoditisation of tax avoidance schemes”.

The latest study comes in the backdrop of Finance Minister Pranab Mukherjee’s statement that two groups have been constituted to look into different aspects of black money, including a proposed amnesty scheme to unearth unaccounted wealth.