New Delhi: Corrupt public officials beware! Government officials found taking bribes might have to face 10 years of rigorous imprisonment, while big spenders would have to voluntarily report high-value transactions; as per the recommendations of a panel on black money.
As per a newspaper report, the measures are part of the Black Money Committee Report. The Committee, constituted to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery submitted its report on January 31.
The Centre has issued new guidelines to seize properties or money of government officials involved in corrupt practices even after their retirement. Moreover the government may buy out the property if it finds that the deal is undervalued and aimed at avoiding tax.
The Hindustan Times further reports that if someone is buying bullion or jewellery worth Rs 5 lakh, it has to be brought to the notice of the tax authorities.
Government in its bid to crack down on black money has also planned to make it mandatory for all overseas transactions to be reported to the income tax department.
First Published: Wednesday, February 29, 2012, 09:27