The Government proposes the establishment of the panel to seize the framework of black money
Facing dissension from different places to deal with the threat of black money, the government proposes high-level committee taxmen create a legal framework to take over such property by declaring a “national asset”. Governments face great pressure for the case of black money not only from civil society and Oppositions, but also from the Supreme Court. Committee chaired by the Central Board of Direct Taxes (CBDT) chairperson Sudhir Chandra will report the results in six months, a finance ministry statement said.
“The committee will re-analyze the legal and administrative framework that exists to counter the threat generation of black money, including, among others, said the wealth obtained illegally as a national asset and enacting \ to change the law to take over and restore those assets,” he said .
The government had formed a committee comprising heads of the various probes and a special department to assist in the investigation and run the steps to take back illegal money hidden in tax-free.
Ministry of Finance said that the Chairman CBDT chairs the Committee and he has asked to analyze the ways to strengthen the law to take over the illegal transfer of black money and its recovery.
In addition, this committee also consisted of senior officers from CBDT, Enforcement Directorate, Directorate of Revenue Intelligence, Currency of financial intelligence units and departments.
CBDT’s Commissioner of Income Tax (CIT-Investigation) will occupy the position of Secretary of the committee members.
In addition to forming a special panel, the Government also replaces the existing Double Taxation Avoidance Agreement (DTAAs) with different countries and Tax Information Exchange Agreement (TIEA) with tax-free. Earlier, finance minister Pranab Mukherjee said that the Government has installed the strategy is one of the five branches of legislative reform, to counter the threat of black money. Mukherje will also discuss the issue of corruption in the ministry panel.