Panel on black money to get another extension to submit report

The government is likely to give another one-month extension till February-end to the CBDT Chairman-headed committee on black money to submit its report to Finance Minister Pranab Mukherjee.

The Committee, which was to originally submit its report in November, was later given time till January 31.

"Though the report is near completion, we need a month's time to circulate it among the members for their comments. Going by the current position, we would be able to submit the report only by the end of February," a top Central Board of Direct Taxes (CBDT) official said.

In view of the public outcry over black money, the Finance Minister in May, 2011, constituted the panel to suggest steps to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and recovery.

As it could not complete the consultation process in time, its term was extended till January 31. Besides the CBDT Chairman, the other members of the committee include the CBDT Member (Legislation and Computerisation), Director of the Enforcement Directorate, Director General of the Directorate of Revenue Intelligence (DRI), Director General of the Directorate of Currency, CBDT Joint Secretary (FT&TR) and Financial Intelligence Unit-India (FIU-IND) Joint Secretary.

The panel has been examining the existing legal and administrative framework to deal with the menace of black money generation through means such as declaring wealth generated illegally as a national asset.

It was also entrusted with the task of enacting and amending laws to confiscate and recover such assets. This panel was separate from the other expert committees set up by the Finance Ministry to assess the quantum of black money within the country and abroad.