Panel on black money holds first meetingJune 9th, 2011 - 9:38 pm ICT by IANS
New Delhi, June 9 (IANS) A government panel headed by Central Board of Direct Taxes (CBDT) chairman Prakash Chandra held its first meeting Thursday to examine ways to trace and curb black money, in the backdrop of growing campaigns against corruption across the country.
“The committee agreed on the need to strengthen internal laws to curb black money,” a CBDT spokesman said.
The panel, which includes top officials from various law enforcement agencies, agreed on the need to strengthen the existing legal framework.
“On the external front, the committee decided to invite public opinion on the illegal and unaccounted money issue,” the CBDT official said.
Black money has attracted a lot of public and media attention in the recent months.
According to unofficial estimates, the quantum of black money ranges between $450-1,400 billion. A recent study by Global Financial Integrity estimated the illicit money outflow to be $462 billion.
However, there is no reliable official estimate of the quantum of black money generated and held within and outside India.
The finance ministry has also set up a group comprising officials of the Institute of Public Finance and Policy, the National Institute of Financial Management and the National Council of Applied Economic Research to access the quantum of black money.
- Report on ways to curb black money in six months - Aug 05, 2011
- India commissions study on black money - May 29, 2011
- New directorate to probe financial crimes - May 30, 2011
- Graft, bureaucracy denting India's global image (Interview) - Jun 09, 2011
- Graft, bureaucracy dent India's global image: Expert (Lead) - Jun 09, 2011
- Government outlines measures to tackle black money - Aug 10, 2012
- Panel set up to quantify black money: Pranab - Mar 11, 2011
- India's lost $128 bn in illicit capital outflow in a decade - Dec 15, 2011
- Compulsory disclosure of overseas assets irks taxpayers - Jun 07, 2012
- We at G20 must tackle tax evasion: Manmohan - Nov 03, 2011
- White paper gives no estimate of black money abroad (Lead) - May 21, 2012
- Mexico lost $872 bn to illegal capital flight: Study - Jan 31, 2012
- India Inc. goes after $5-bn fake, smuggled goods threat - Nov 10, 2011
- Steps taken by India to tackle black money - Jan 25, 2011
- Direct tax code to come into force from April 2012: Pranab - Dec 07, 2011
Tags: applied economic research, backdrop, black money, chandra, direct taxes, finance ministry, financial integrity, first meeting, government panel, illicit money, institute of financial management, law enforcement agencies, legal framework, media attention, money issue, outflow, prakash, public finance, public opinion, unofficial estimates