In a move apparently displaying its seriousness in dealing with black money, the government on Saturday constituted a high-level committee headed by the Central Board of Direct Taxes Chairman to examine ways of strengthening laws to curb generation of “illegal” wealth, prevent transfer of such funds abroad and devise a framework for recovery of unaccounted assets.
“The government has constituted a committee under the chairmanship of Chairman, CBDT, to examine ways to strengthen laws to curb the generation of black money, its illegal transfer abroad and its recovery,” a statement said.
While examining the legal and administrative framework to deal with the generation of black money, the panel of taxmen will also look into ways of declaring wealth generated illegally as “national asset;” enacting/amending laws to confiscate and recover such assets; and providing for exemplary punishment to its perpetrators.
It is to submit its report within six months after consultations with stakeholders.
The members include CBDT Member, Legislation and Computerisation; Director, ED; Director-General, Directorate of Revenue Intelligence; Director-General (Currency); CBDT Joint Secretary (FT&TR); and Joint Secretary, Financial Intelligence Unit – India. CBDT's Commissioner of Income Tax (Investigation) would be Member-Secretary.