New Delhi: The committee set up by Central Government on black money will meet later this week in Delhi for the first time. The committee under the chairmanship of the chief of Central Board of Direct Taxes (CBDT) will examine ways for strengthening laws to curb generation of black money and prevent its transfer abroad, besides recovering such illegal assets.
A statement from the Union Finance Ministry on May 28 said that the committee would consult various stakeholders and submit its report within six months.
"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 black money 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.
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