CBDT panel seeks public suggestions to unearth black money
Bangalore: With government under pressure to deal with the menace of black money, a high level panel decided to seek suggestions directly from the public to strengthen the laws to unearth the unaccounted wealth.
“Everybody should get a chance to give his or her views on this (black money) issue,” a senior finance ministry official privy to the development said after the first meeting of the panel, headed by CBDT Chairman Prakash Chandra.
The panel decided to create a web-based platform to seek comments from all stakeholders, including experts, bankers, industry and the general public.
At the meeting, the participating wings of the Government were asked to review the laws being enforced by them and suggest changes required to “curb the generation of black money, its transfer abroad and recovery”, the official said.
The meeting was held against the backdrop of the government facing flak from civil society and opposition for not doing enough to deal with the menace of black money.
The committee, consisting 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 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 with customs and excise would be reviewed.