FinMin sets up another panel on black money

FinMin sets up another panel on black money

FinMin sets up another panel on black money

The committee, set up by Central Board of Direct Taxes (CBDT) in the Finance Ministry, will also look into the possibility of putting the list of "chronic defaulters" in public domain. The announcement comes on a day when social rights activist Anna Hazare is sitting on a day-long fast at Rajghat to protest against the police excesses on followers of yoga guru Ramdev last Saturday.

Hazare has spearheaded the agitation for enacting a Lokpal Bill to tackle corruption at high places. The Committee, headed by Anita Kapur, Director General of Income Tax (Admn), will suggest ways to recover tax demand from assessees who are not traceable.

It will also examine the possibility of engaging outside agencies to locate non-traceable assessees and their undisclosed assets. Last month, the Government had set up a high level committee to suggest a legal framework for confiscating black money and declaring it a national asset.

Besides, a study has also been instituted to quantify unaccounted income and wealth stashed within and outside the country.

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.

"In the current wave of transparency and anti-corruption drive, there is a demand to put the list of chronic defaulters in the public domain. This will also put the onus on the taxpayers to liquidate the demand," the statement said.

The Finance Ministry further said that with view to recover outstanding tax demand, synergy in the functioning of Directorate of Recovery, Directorate of Systems, CBDT and Financial Intelligence Unit is being created. "There is a good possibility to locate some assets to realise this outstanding demand," it said.

The Government had announced a five pronged strategy to deal with the menace of black money, including setting up of a Directorate of Criminal Investigation to deal with tax related crimes. The committee will submit its report with two months.