Committee on black money likely to hold 1st meet on June 9

The CBDT chairman-headed committee, set up to strengthen ways to curb black money in the country, is likely to hold its first meeting on June 9.

The meeting, which comes in the backdrop of the agitation led by Yoga guru Baba Ramdev, will begin with discussions and modalities on a number of issues related to black money currently prevalent in the country, a source privy to the development said.

The panel under new CBDT chief Prakash Chandra has top officials from various law enforcement agencies.

"All the participating officials from various agencies are expected to bring in their expertise on the subject," the source said.

The committee will also examine the existing legal and administrative framework to deal with generation of black money through illegal means.

On the committee's agenda are measures which include declaration of the illegal wealth as national asset, enact or amend laws to allow confiscation and recovery of such assets and providing for exemplary punishment for the perpetrators.

Other members of the committee include CBDT Member, Legislation and Computerisation (L&C), Director of the Enforcement Directorate, Director General of Directorate of Revenue Intelligence (DRI), Director General (Currency), CBDT Joint Secretary (Foreign Trade and Tax Research) and Financial Intelligence Unit- India (FIU-IND) Joint Secretary.

The CBDT Commissioner of Income Tax (Investigation) is the committee's Member Secretary.