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CBDT panel seeks public suggestions to unearth black money

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.

“The panel may also suggest new laws,” the official added. While the exact amount of black money is yet to be ascertained, sources said estimates suggest that 50% of the money in circulation is ”black money”, including ”fake currency.”

The email – – has been created on the server of the National Informatics Centre and the public can send their responses on the subject with immediate effect, a senior finance ministry officer said.


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One Comment

  1. This is just publicity stunt. Just read newspapers of metrosse and real estate for sale. The advertised price is higher by almost 40% than the value accepted by our govt meaning that 40% is accepted black
    money. Somr advtstate “full cheque payment possible” meaning is clear. Black money is bribe earned by mainly govt servants. And no political party wants to release its accounts to public because elections are fought by strenth of black money and politicians return the favour to bribe givers by giving them free govt land etc. Let political parties put their accounts in public domain. And if u haveblack money, no need to go to Panama. just announce formation of a political party and keep yoours and others black money safe and that too legally !!!

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