The Government has constituted a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.
The Committee includes Member (L&C), CBDT, Director, Enforcement Directorate(ED), Director General, Directorate of Revenue Intelligence (DRI),Director General(Currency), Joint Secretary(FT&TR),CBDT, Joint Secretary,MoL, Director, FIU- IND, all as its Members. The Commissioner of Income Tax (CIT)(Inv),CBDT would be its Member Secretary.
The Committee will examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,
(a) Declaring wealth generated illegally as national asset;
(b) Enacting/amending laws to confiscate and recover such assets; and
(c) Providing for exemplary punishment against its perpetrators.
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.
The Committee will also consult all the stakeholders and submit its report within a period of six months.