Black money committee to meet for the first time

New Delhi, June 6: The committee set up on black money under the chairmanship of the chief of Central Board of Direct Taxes (CBDT) would meet for the first time in Delhi at the end of this week. This panel was set up by the Central Government to strengthen laws to curb generation of black money and prevent its transfer abroad.

A statement from the Union Finance Ministry said, "The government has constituted a committee under the chairmanship of chairman, CBDT, to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery."

Apart from CBDT Chairman, there are other members in the committee such as CBDT Member, Legislation and Computerisation, Director of the Enforcement Directorate, director general of the Directorate of Revenue Intelligence, director general, CBDT joint secretary and Financial Intelligence Unit - India joint secretary.

They would analyse the legal and administrative framework in order to deal the black money generation through illegal means. Government plans would announce the wealth generated through illegal ways as a national asset and confiscate it for punishing the culprits.

OneIndia News