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Govt. panel meet on black money recovery ends


June 9, 2011 - New Delhi

In an endeavor to strengthen ways to curb black money in the country, the Central Board of Direct Taxes (CBDT) chairman-headed committee held its first meeting here on Thursday.

According to reports, the next meeting of the committee will take place next week.

"Existing laws will be reviewed by end of June. Information on tax evaders will be shared. Information will be shared where criminal charges can be made," Times Now quoted sources, as saying.

The panel under new CBDT chief Prakash Chandra has top officials from various law enforcement agencies.

The committee will suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes.

The panel on black money will also suggest modalities for utilisation of the information available with Financial Intelligence Unit -India (FIU-IND) and the Directorate of Income Tax (Systems) with a view to recovering outstanding demands.

The CBDT committee will examine the feasibility and methodology of putting the names of chronic tax defaulters in public domain.

Besides, it has been asked to propose a reward scheme for informants who supply information about chronic tax defaulters and which results into collection of the outstanding demand.

The government announced the setting up of this committee in the wake of criticism from civil society for not doing enough to deal with the menace of black money.

ANI

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