The CBDT Chairman-led committee on combating the menace of black money has been given yet another extension and it is now expected to submit its final report by this month end. It is the third time that the deadline has been extended for the panel, which was constituted in May last year.
With the new deadline of March 31, it is clear that the recommendations of the committee will not be a part of the Budget speech of Finance Minister Pranab Mukherjee scheduled for March 16.
The setting up of the panel was listed by President Pratibha Patil among the “many steps” being taken to contain generation of illicit wealth and prevent it from flowing out of the country while addressing the joint sitting of the Parliament today.
The panel, comprising officials from various investigative and enforcement agencies, expects to present a “comprehensive report” on the measures to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and recovery in its final submission.
Sources said the committee headed by the Central Board of Direct Taxes (CBDT) Chairman had its last meeting in December and a draft report of the deliberations and recommendations have been circulated amongst all the members.
“Some suggestions drafted on the modalities of an amnesty scheme for people who stash illegal wealth are being thought upon while issues related to creating new resources to combat illegal wealth are also being thought upon,” the sources said.
The committee, after obtaining views of all stakeholders, will present to the Finance Minister a comprehensive view of the panel on the measures to combat black money, the sources said.
The report has to be comprehensive and complete in all aspects before it is finalised, they said.
The Committee, which was to originally submit its report in November, was later given time till January 31 and then again February-end was finalised as the deadline.