On Friday, the governments committee met to discuss the changes in the present legislation to address the issue of unaccounted black money. Chairman of the Central Board of Direct Taxes (CBDT) discussed the responses the government had got till date from the general public on the problem.
Also discussed was Supreme Court's latest order to set up a Special Investigation Team (SIT), comprising retired judges to take over the probe into all black money cases.
With the government facing flak from opposition parties and civil society for not doing enough to deal with the menace of black money, the committee was constituted by finance minister Pranab Mukherjee. It was asked to examine how to strengthen laws to curb generation of black money, its illegal transfer abroad and recovery.
The committee is to give its report within six months. Apart from the chairman, it has the CBDT's member (legal & computerization); the head of the enforcement directorate; the director-general of revenue intelligence; the director general (currency); the joint secretary (foreign tax and tax research), and the joint secretary, financial intelligence unit as members.
Source: http://www.rediff.com/business
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