Committee set up to strengthen ways to curb blackmoney
New Delhi: The Government has constituted a committee under the chairmanship of the chief of Central Board of Direct Taxes (CBDT) to examine ways for strengthening laws to curb generation of blackmoney and prevent its transfer abroad, besides recovering such illegal assets.
The committee will consult various stakeholders and submit its report within six months, a statement from the Finance Ministry said today.
"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," it said.
The committee will examine the existing legal and administrative framework to deal with generation of blackmoney through illegal means.
Among the likely measures are to declare wealth generated illegally as national asset, enact or amend laws to allow confiscation and recovery of such assets and providing for exemplary punishment against its perpetrators.
Besides the CBDT Chairman, other members of the committee would include CBDT Member, Legislation and Computerisation (L&C), Director of the Enforcement Directorate, Director General of the Directorate of Revenue Intelligence (DRI), Director General (Currency), CBDT Joint Secretary (FT&TR) and Financial Intelligence Unit - India (FIU-IND) Joint Secretary.
CBDT`s Commissioner of Income Tax (CIT)(Investigation) would be the committee`s Member Secretary.
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- DNA: Heart-wrenching reality of Kashmiri pandits
- DNA: Bengaluru's Mount Carmel college students show country's ideology to Rahul Gandhi
- Proud to be an Indian, no plans to leave the country, says Aamir Khan
- Rahul Gandhi's embarrassment in front of Bengaluru college students
- DNA: Aamir Khan clarifies his love towards nation but sticks to previous statement
- Intolerance issue: Proud to be Indian, won't leave country, says Aamir Khan
- WATCH: Rahul Gandhi asks 'Is Swachh Bharat working', Mount Carmel girls yell 'Yessss'
- Yuvraj Singh completes 8000 runs in first class cricket
- Eat smart to slow down ageing and increase longevity!
- Intolerance issue: Those attacking me are only proving my point, says Aamir Khan – Read full statement