New Delhi: The finance ministry has received
a flood of suggestions to combat the menace of black money,
with over 1,000 mails coming in within a week of opening an
e-mail account to seek comments from the public.
"We are getting a large number of suggestions from
public.... We have got over 1,000 suggestions in a week,"
Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra
Chandra heads the panel which was constituted by the
finance ministry to examine ways to strengthen laws to curb
generation of black money, prevent its transfer abroad and
recover the funds stashed in offshore accounts.
The panel at its first meeting on June 9 decided to seek
public comments and they were asked to mail their suggestions
The committee, which will meet again in the first week of
July, is expected to consider the suggestions from the public
to combat the menace of black money.
Chandra said the members of the committee have been
asked to review the laws being enforced by their departments
and suggest changes required.
"The basic framework is likely to be ready by end of the
month...the committee is likely to meet in the first week of
July," he said.
Besides other legislations, the committee would look for
amendments in the existing Foreign Exchange Management Act
(FEMA), Prevention of Money Laundering Act (PMLA), Income Tax
Act and the laws related to customs and excise.
The panel has also mandate to suggest new laws to deal
with menace of black money.
The committee, consisting of senior officials from the
CBDT, Enforcement Directorate, Directorate of Revenue
Intelligence, currency unit and financial intelligence
department, would submit its report in six months.
The government has also set up committees to track tax
defaulters and reveal their identity, estimate the amount of
black money in the system and is stashed away.
Besides, the government had announced a five-pronged
strategy to deal with the menace of black money, including
setting up a Directorate of Criminal Investigation to deal
with tax related crimes.