India Inc still to suggest ways on dealing with black money
August, 19th 2011
New Delhi, Aug 18 (PTI) The government has not received any suggestions from major industry bodies to deal with the menace of black money, even as corporate leaders today said a solution should be found to end corruption.
"We wrote to all the industry bodies and associations inviting suggestions from them on tackling the black money menace, but the Board has not yet received any suggestions from the corporate world," a senior official of the Central Board of Direct Taxes (CBDT). Industry bodies including Ficci, CII, Assocham, PHD Chamber and Nasscom were asked to suggest administrative and legal steps to check generation of black money by July 15.
CBDT will now send a reminder asking them to submit their suggestions by September 15. While the chambers have not responded till date, the CBDT has been flooded with suggestions from the general public. It has received over 4,000 suggestions from them.
When contacted, a Ficci spokesperson said it was in the process of collecting responses from members on the issue and would submit it recommendations to the CBDT at the earliest. Assocham Secretary General D S Rawat said the chamber was in process of giving final touches to a detailed study on the matter, including the models being practiced in other countries, and would make a presentation before Finance Minister Pranab Mukherjee by month end. While CII declined to comment, NASSCOM could not be reached.