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.

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Category : Income Tax (25033)
Type : News (12550)
Tags : black money (679)

0 responses to “Committee set up to strengthen ways to curb black money”

  1. dattatreyahg says:

    Terms of reference should include “POLITICAL FRAMEWORK” also in Capital Letters.

  2. KRISHNA says:

    BLACK MONEY AND CORRUPTIONS ARE THE NEW NATIONAL TALK
    I PUT FORWARD THE FOLLOWING SUGGESTIONS,IF IT ESCAPES MODERATION, IT WILL ASSAULT THE THOUGHT PROCESS OF MILLION.
    1.ALL RELIGIOUS INSTITUTIONS SHALL BE ASKED PAY 0.05% WEALTH TAX PUBLISHING THEIR ASSETS IN TWO NATIONAL+LOCAL LANGUAGE MAGAZINES BY ADVERTISEMENTS. ANY PROPERTY NOT DECLARED SHALL BE TREATED AS GOVERNMENT OWNED INCLUDING THE LIQUID CASH.
    2.AGRICULTURAL LAND OWNERS SHALL ALSO BE COME UNDER THE ASSESSMENT WITH DECLARED LAND AND PROPERTY LISTED WITH ALL SURVEY NUMBERS. WITH FIVE YEARS OF RECORDED LAND OWNING CHART. LANDS UNDECLARED AND NO FUNDING SOURCE SHALL BE DECLARED AS GOVERNMENT LAND AND HE SHALL REMIT THE LAND VALUE TO BUY BACK FROM GOVERNMENT.
    3.ALL LAND DEALING SHALL BE ONLY THROUGH REGISTRAR OFFICE. NO AGREEMENT TO SELL OR POWER OF ATTORNEY WILL BE VALID IF THEY DO NOT DISCLOSE THE MONEY RECEIVED IN THE PARTIAL INCOME TAXABLE AND IF PURCHASER DO NOT DECLARE HIS PAYMENT THROUGH CHEQUE OPERATIONS HE SHALL BROUGHT UNDER TAX EVATION. HUGE BLACK MONEY IS PARKED IN THESE TWO DOCUMENTS, BESIDES BLACK PORTION OF THE MONEY IS TRANSACTED WITH THE SELLER UNDER THESE AGREEMENTS. ONCE END THE LIFE OF THESE DOCUMENTS WITH A TIME FRAME HUGE PARKING WILL BE ANNULLED.
    4. ALL FINANCIAL INSTIUTIONS ARE DECLARING THAT THEY HAVE ALL ACCOUNTED OPERATIONS.
    HUGE MONEY IS RESTING WITH THEM IN SEVERAL INSTRUMENTS INCLUDING AS CHEST CASH AND OTHER FORMS. RBI SHALL BE PERMITTED TO INVESTIGATE LARGE BRANCH ON SURPRISE INSPECTION WITH IT OFFICIALS ON SUNDAYS BY BLOCKING ALL OPERATIONS OF A BRANCH
    INCLUDING CASH IN CHEST AND MOVEMENT IN ADDITION TO THE CASH RECEIVED OVER AND ABOVE 5 LACS IN THAT MONTH,THEY CAN UNEARTH SEVERAL CRORES OF UNACCOUNTED KEPT WITH THE CONNIVANCE OF THE BANK MANAGERS AND AGMS

    5. ECONOMIC TERRORISM IS MORE DANGEROUS AND COSTLIER TO A NATION, BECAUSE TERRORIST BOMB AND SHOOT A FEW WITHIN A SPAN OF FEW MINUTES, WHEREAS ECONOMIC TERRORISTS DO ACT AS SLOW POISON AND KILL THE HAVE NOTS WITH YEARS OF POVERTY.
    THOSE INDIANS/COMPANIES WHO ARE HAVING ACCOUNTS WITH FOREIGN BANKS OR OTHER FINANCIAL INSTITUTIONS OR PARKING THE AMOUNT OF BOOK DEBTS IN OTHER LANDS WITHOUT INFORMING CBDT AND RBI SHALL BE TREATED UNDER ECONOMIC TADA AND FOREIGN BANKS SHALL BE GIVEN NOTICE THAT NO INDIAN OR INDIAN COMPANY SHALL PARK THEIR FUND
    IN ANY FORM WITHOUT RBI AND CBTD APPROVAL. IF ANY MONEY IS NOW IN THE BENAMI ACCOUNTS OR BEARING NO APPROVAL WITHIN 30 DAYS FROM THE DATE OF THE ACT, THE SAID AMOUNT SHALL BE FROZEN AND REPATRIATED AND ACTION WILL BE INITIATED AGAINST THE CULPRITS ACCORDING TO INDIAN CRIMINIAL CODE OR NEW ACT
    KRISHNAMURTHY

  3. hemen parekh says:

    Baba Ramdev and Black Money

    There is no doubt that a billion Indians will support Baba Ramdev in his campaign to bring back black money.

    But even if he succeeds, new black money will replace the old black money !

    You cannot cure a disease by treating its symptoms.

    We must find a way to “ stop “ the generation of black money in the first place.

    New finance minister of West Bengal, Dr. Amit Mitra recently confirmed that out of every rupee of revenue, 35 paise goes towards interest payment on state borrowings and 58 paise goes to pay salaries of Govt. staff, leaving a measly 7 paise for development.

    So the honest tax-payer is asking :

    “ When I pay the government, one rupee by way of tax, I get back only 7 paise worth of infrastructure / housing / education / healthcare etc. Then why pay taxes ? Why not finance these needs directly on my own – bypassing the tax authorities ? “

    And this is true of nearly all the states of India.

    My suggestion :

    If a tax payer invests any amount into Govt approved Special Purpose Vehicles ( SPV ), solely devoted to to create infrastructure / housing / education / healthcare etc, let that money be tax-free, with no questions asked as to its source. All the profits / dividends earned by an individual thru such investments must be made 100 % tax-free and forever .

    Just imagine what an annual investment of $ 100 billion ( Rs.5 lakh crores ) on activities like these can do to our economy !

    Within 5 years, it will pull-up 500 million people above the “ Poverty Line “.

    My request to Baba Ramdev :

    Please refocus your strategy.

    With regards

    hemen parekh

    Jobs for All = Peace on Earth

  4. Dhruvil Bhatt says:

    i have just commented in last news letter that dont make any committee type stupid things for any issue which is too time consuming and see great govt make committee for black money…. give a Smile…. We spent our nation precious time and economic resources for such committee and result a big 00000. Dont pull back your campaign Ramdevji. Go and win till some Action is taken by government……

    There are many other genuine points for development where such qualified professional officers committee require…

    Hve a grt time………

    • C.Jyoti says:

      This apart, appointing the current Chairman of CBDT (who is on his third quarterly extension) as the Chairman of this eye-washing Committee is indicative of the said person being made the permanent head of CBDT at least until the next general elections.

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