ICAI to submit suggestions on black money by August end

Accounting regulator ICAI today said it will submit to the government, its suggestions on the ways to deal with the menace of black money and retrieving illegal money stashed in tax havens and overseas banks by the end of August.

"We (the Committee) have had our first meeting. Right now we are collecting information about Double Taxation Avoidance Treaty (DTAA), tax treaties, etc, on how they work. By August-end, we should be able to submit our report to the government," ICAI President G Ramaswamy said today.

The expert committee, headed by Ramaswamy himself, consists of nine members of the Institute of Chartered Accountants of India's (ICAI's) central council, he told reporters on the sidelines of the ICAI Conclave with Trade Officials of Foreign Missions and Embassies.

The inputs and suggestions by ICAI would be submitted to the Central Board of Direct Taxes.

The issue of black money has become a major topic of debate in India. Recently, a lobby group representing the Mauritius-linked global investors claimed that the island nation was cooperating in India's fight against black money and was fully 'clean and transparent' on this front.

Also, the Supreme Court has appointed a Special Investigation Team for monitoring probe and steps are being taken to bring back black money stashed in foreign banks. (ET)