Panel on Black money presents report, silent on estimates, suggest steps
The government came out with a 66-page report elaborating ways to forbid generation of illicit funds.
The Central Board of Direct Taxes (CBDT) panel on black money submitted its report suggesting ways to forbid the generation of illicit fund. The panel was established in 2011 to examine ways to beef up laws to check the generation of black money in India, its illegal transfer oversees and its recovery.
The report focused bolstering of laws in following areas:
a) Investments by foreign institutional investors (FIIs)
b) Participatory Notes (P-Notes)
c) Funds routing through Mauritius and investments made through transactions in property, bullion and the
The panel did not provide any estimate of the black money.
The committee has suggested augmenting manpower and resources in both the CBDT and CBEC as shortage of manpower has been hindering the functioning of the tax collecting arms of the revenue department.
Topics: Black markets • Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act • Continents • Corruption in India • Countries • Economy • Indian black money • Investment • Mauritius • Participatory note