Amnesty scheme to unearth black money unlikely

The govt is unlikely to come out with any amnesty scheme to unearth black money in the forthcoming Budget.

New Delhi: The government is unlikely to
come out with any amnesty scheme to unearth black money or
bring back unaccounted funds stashed abroad in the forthcoming
Budget despite demands in this regard from a section of the

The Finance Ministry, according to sources, is not
considering any amnesty plans as such a scheme raises ethical
questions and benefits law breakers.

Corporate Affairs Minister M Veerappa Moily had
said that amnesty scheme was not the right way to deal with
the menace of black money.

"Amnesty scheme is not the only answer," he had said
stressed that in practical terms, one has to remove the
root cause of black money to eliminate generation of such

Concerned over the public outcry over black money,
Finance Minister Pranab Mukherjee had in May 2010 constituted
a panel headed by the Chairman of Central Board of Direct
Taxes (CBDT) to suggest steps to strengthen laws to curb the
generation of black money in the country, its illegal transfer
abroad and recovery.

The panel is slated to submit its report to the
by February-end and its suggestions are likely to be
incorporated in the Budget for 2012-13.

Industry chamber Assocham in its recent report on
money menace in India` had suggested the government should
provide immunity to persons wanting to bring back funds
stashed abroad.

The report said that opening of a special window would
help in brining back substantial amount of funds which got
parked outside India during the pre-liberalization era.