Committee on Black Money - CBDT Member to be Co-Chairman
THE Government has constituted a Committee on 27 th May, 2011 under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The Committee include Member (L&C), CBDT, Director Enforcement (ED), Director General of Revenue Intelligence (DRI), Director General (Currency), Joint Secretary (FT&TR), CBDT; Director,(FIU-IND) as Members.
The Committee was to examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,
(a) Declaring wealth generated illegally as national asset;
(b) Enacting/amending laws to confiscate and recover such assets; and
(c) Providing for exemplary punishment against its perpetrators.
The Committee was to consult all stakeholders and submit its report within a period of six months.
Now, a CBDT OM states that the Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery shall be co-chaired by Member (Investigation), CBDT. Henceforth, the composition of the Committee shall be as under: —
(i) Chairman, CBDT - Chairman of Committee
(ii) Member (Investigation), CBDT - Co-Chairman
(iii) Member (L&C), CBDT - Member
(iv) Director, ED - Member
(v) DG, DR - Member
(vi) DG Currency - Member
(vii) Joint Secretary (FT&TR), CBDT - Member
(viii) Joint Secretary, MoL - Member
(ix) Director, FIU-IND - Member
(x) CIT (Inv.), CBDT - Member Secretary
CBDT F.No. 291/15/2011-IT (INV.I) (PART) Dated: October 04 2011