With the government under attack by both the Opposition and civil society activists over the issue of black money, a special committee, headed by the Chairman of the Board of Direct Taxes, met today to discuss how to tackle the problem.

Sources have told NDTV that the panel on black money will review Tax, Customs and Excise laws to identify loopholes. The panel will also be open to changes in existing laws and formulating new ones.

Sources also say the panel will examine if tax evasion should be a criminal offence. It will also review the Foreign Exchange Management Act.

The need to crack down on black money headed the list of demands put by Baba Ramdev to the government till the negotiations with the yoga guru collapsed last weekend, ending with the government ordering the police to dismantle the Baba's camp in Delhi. 65,000 supporters were present as the Baba merged an indefinite hunger strike against corruption and black money with the mass yoga classes that have made him a national phenomenon.

Gandhian Anna Hazare has also turned into a symbol of the country's fight against corruption after he conducted a lengthy hunger strike in April insisting that the government introduce the long-delayed Lokpal Bill - a new law which will target corruption among politicians and bureaucrats.