Panel on tackling black money to seek public views

NEW DELHI: Criminal charges on tax evaders and modification in existing laws to tackle the menace of black money topped the agenda of the first meeting of the high level committee appointed by the Finance Ministry. The panel would also seek public comments on ways to unearth black money. "The committee held its first meeting on Thursday and decided to seek public comments. It discussed which laws need to be amended to bring back black money," a government official privy to the deliberations said.

The panel would also seek views from banks, capital markets and have some framework ready by the month end, the official said. The panel, headed by Central Board of Direct Taxes Chairman Prakash Chandra, was set up last month to examine ways to strengthen laws to curb generation of black money in India, its illegal transfer abroad and its recovery. The meeting was held in the backdrop of allegations on the government by civil society groups and opposition parties of not doing enough to deal with the menace of black money.

The committee, consisting of officials from 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 announced setting up of another panel to suggest ways to trace tax defaulters , reveal their identity to the public and recover taxes. Besides, it had announced a fivepronged strategy to deal with the menace of black money, including setting up of a Directorate of Criminal Investigation to deal with tax related crimes.