Report on ways to curb black money in six months

August 5th, 2011 - 8:54 pm ICT by IANS  

New Delhi, Aug 5 (IANS) A committee set up to recommend ways to curb generation of black money and its routing will submit its report within six months, Minister of State for Finance S. Palanimanickam said Friday.

The government had appointed the committee, headed by Central Board of Direct Taxes (CBDT) chairman, to study ways of tracing black money, in the backdrop of growing anger against corruption.

“The committee shall examine the existing framework to deal with the menace of generation of black money through illegal means including declaring wealth generated illegally as national asset, enacting laws to confiscate and recover such assets and exemplary punishment against its perpetrators,” the minister said in a written reply in the Lok Sabha.

“The committee shall consult all stakeholders and submit its report within six month,” the minister added.

According to unofficial estimates, the quantum of black money in India ranges from $450 to 1,400 billion. A study by Global Financial Integrity estimated the illicit money outflow to be $462 billion.

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