Amnesty scheme to unearth black money unlikely
The govt is unlikely to come out with any amnesty scheme to unearth black money or unaccounted funds stashed abroad 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 industry.
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 recently 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 and stressed that in practical terms, one has to remove the root cause of black money to eliminate generation of such funds.
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, it’s illegal transfer abroad and recovery.
The panel is slated to submit its report to the Minister 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 `Black 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 bringing back substantial amount of funds which got parked outside India during the pre-liberalization era.