Panel on black money likely to meet this week

NEW DELHI: The newly set up high-level panel to examine one of yoga guru Baba Ramdev’s key recommendation to declare black money as a national asset is expected to meet this week itself amid growing pressure on the government to crack down on black money stashed in overseas bank accounts.

"The panel’s first meeting is scheduled for this week," said an official with the central board of direct taxes. The government had on May 28 constituted the panel under the chairmanship of CBDT to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The move was seen as part of the government’s efforts to placate the yoga guru.

Talks with Ramdev collapsed leading to the government cancelling permission to his yoga camp and evicting him from the city late night on Saturday. The government is keen the panel gives its recommendations quickly.

The panel is to examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means, declaring wealth generated illegally as national asset, enacting or amending laws to confiscate and recover such assets and providing for exemplary punishment against its perpetrators.

The panel includes director, Enforcement Directorate(ED), director general, directorate of revenue intelligence ( DRI), director general (Currency) and officials from CBDT and other intelligence organisations. It will submit its report in six months.

The finance ministry has also asked three academic institutions as members to estimate black money in the country besides creating a directorate of criminal intelligence under income tax.