Panel on black money holds first meeting
June 9th, 2011 - 9:38 pm ICT by IANSNew 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.
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