Blackmoney: Panel to suggest ways for recovery
Under pressure from the Supreme Court on unearthing black money stashed abroad, the government Saturday said it has formed a committee for recovering black money parked in overseas banks.
New Delhi: Under pressure from the Supreme Court on unearthing black money stashed abroad, the government Saturday said it has formed a committee chaired by the Central Board of Direct Taxes chief to suggest ways of strengthening anti-money laundering laws and recovering black money parked in overseas banks.
"The government has constituted a committee under the chairmanship of chairman, CBDT to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery," said a statement from the finance ministry.
The committee will also examine "the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, declaring wealth generated illegally as national asset".
The Supreme Court has been increasingly critical of the way the Congress-led United Progressive Alliance government was dealing with the issue of investigating illegally acquired wealth and convicting people found responsible for money laundering.
The clamour for taking action against the corrupt and get back funds hidden in tax havens has been getting stronger in the recent months and reached a crescendo after social activist Anna Hazare went on a 97-hour fast seeking a stringent anti-graft law.
Yoga guru Baba Ramdev too plans a similar agitation from June 4 if the government does not do anything to get back the black money stashed in foreign banks.
Among its scope of operations, the committee will also suggest on amending or enacting laws to confiscate and recover illegally generated assets and providing exemplary punishment.
The committee includes member, legislation and computerisation of the CBDT, director of the Enforcement Directorate, director general of the Directorate of Revenue Intelligence and law ministry joint secretary.