Black money: Government looks for permanent solution

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New Delhi, June 4: Taking into account  the issue of black money is not a one time problem, the government, in fact, is planning on setting up a permanent body. While the existing Special Investigating Team on black money is likely to be made a permanent body, more wings dealing with financial crimes will be brought into the picture to fight this problem.

The government of India has deliberated on this issue and decided that a permanent body would be in place to deal with the issue of black money. A final decision in this regard is expected soon.

Black Money

Multi pronged approach to fight black money:

The government feels that the fight against black money cannot be a one off affair. While the SIT was set up to bring back the black money parked abroad, the government feels that if the body is dissolved the issue could crop up again.

There is a need to take a multi pronged approach to fight the problem of black money an officer with the Enforcement Directorate informed Oneindia. There is a need for a specialized agency to be in place at all times to address the issue of black money, the officer said.

The ED cannot focus alone on this subject as the agency is roped in to probe into other cases as well. Hence there would be an SIT which would be assisted by the Financial Intelligence Bureau, Enforcement Directorate, Income Tax Department and also the Serious Frauds Investigation Office.

FIU will have its task cut out:

The Financial Intelligence Unit will have its task cut out. Its officers would have to track the movement of money going out of India. Money coming into India will also be tracked by the FIU.

The FIU in turn would need to pass this information on to the SIT which along with the ED, IT department and SFIO would further the probe. The main intention is to stop the flow of black money.

The FIU will have an independent unit within itself which would only deal with the SIT on black money. This wing would be independent. The other unit in the FIU would deal with the issue of hawala which is also a major headache for India.

OneIndia News

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