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Updated: June 23, 2011 18:55 IST

Black money: panel gets 1,000 mails in a week

PTI
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The Finance Ministry panel will seek to strengthen laws to curb generation of black money, prevent its transfer abroad and recover funds stashed in offshore accounts.
AP The Finance Ministry panel will seek to strengthen laws to curb generation of black money, prevent its transfer abroad and recover funds stashed in offshore accounts.

The Union Finance Ministry has received a flood of suggestions to combat the menace of black money, with over 1,000 mails coming in within a week of opening an e-mail account to seek comments from the public.

“We are getting a large number of suggestions from public.... We have got over 1,000 suggestions in a week,” Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra told reporters.

Mr. Chandra heads the panel which was constituted by the Finance Ministry to examine ways to strengthen laws to curb generation of black money, prevent its transfer abroad and recover the funds stashed in offshore accounts.

The panel at its first meeting on June 9 decided to seek public comments and they were asked to mail their suggestions to bm—feedback@nic.in.

The committee, which will meet again in the first week of July, is expected to consider the suggestions from the public to combat the menace of black money.

Mr. Chandra said the members of the committee have been asked to review the laws being enforced by their departments and suggest changes required.

“The basic framework is likely to be ready by end of the month...the committee is likely to meet in the first week of July,” he said.

Besides other legislations, the committee would look for amendments in the existing Foreign Exchange Management Act (FEMA), Prevention of Money Laundering Act (PMLA), Income Tax Act and the laws related to customs and excise.

The panel also has to suggest new laws to deal with the menace of black money.

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