Black money: Pranab rules out white paper

The government on Tuesday told the Parliament that it does not propose to bring out a White Paper on black money.

“There is no proposal to publish any White Paper on black money,” Finance Minister Pranab Mukherjee told the Rajya Sabha in a written reply.

White Papers, which are issued by the government, lay out the policy or proposed action on topics of current concern.

The Minister, however, said that the government has commissioned a study on black money by three national-level institutions.

The institutions —— the National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM)—— were given 18 months to complete the study on black money.

Mr. Mukherjee further said the government has constituted a committee headed by the Chairman of the Central Board of Direct Taxes (CBDT) to suggest strengthening of laws to “curb generation of black money in India, its illegal transfer abroad and its recovery.”

The committee, he added, will examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means.

He further said that the committee was given six months’ time to submit its report.

It will also examine the feasibility of declaring wealth generated illegally as national assets, enacting laws for confiscation and recovery of such assets and making provisions for exemplary punishment of perpetrators.