Panel to curb blackmoney to meet today

The committee that was set up to strengthen ways to curb blackmoney is headed by CBDT chairman.

New Delhi: The committee that was set up to strengthen ways to curb blackmoney in the country and is headed by CBDT chairman will hold its second meeting on Friday.

According to official sources, the committee will review the mandate and discuss several issues, including the responses that the government has received from the general public to tackle the black money menace.

The meeting is being held ahead of CBDT chief Prakash Chandra`s retirement on July 31.

The Committee had first met on June 9 but further meetings could not be held as the government moved the Supreme Court seeking "recall" and "modification" of its order for setting up a Special Investigation Team (SIT) comprising retired judges to take over the probe into all blackmoney cases.

The government application to the apex court on July 15 had contended that it (Supreme Court) has ventured into the domain of the executive.

The committee, consisting senior officials from CBDT, Enforcement Directorate, Directorate of Revenue Intelligence, Currency unit and financial intelligence department, would submit its report in six months.

The legislations enforced by these wings of the Finance Ministry, including Foreign Exchange Management Act (FEMA), Prevention of Money Laundering Act (PMLA), Income Tax Act and laws related to customs and excise are expected to be reviewed during the meeting.


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