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CBDT for new laws, strict penalties to deal with
August, 18th 2012

A CBDT panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace.

In its 66-page report on measures to tackle black money in India and abroad, the CBDT committee also recommended steps to prevent generation of illicit funds through transactions in property, bullion and equity market.

Besides, the panel, headed by former Central Board of Direct Taxes (CBDT) Chairman Laxman Das, made a case for strengthening laws relating to investments by FIIs, Participatory Notes (PNs) and routing of funds from Mauritius.

The Committee, however, did not provide any estimate of the black money, saying "it can be said that though black money exists to a substantial extent in our economy, its quantum cannot be determined exactly."

It did provide estimates of various studies and said think-tanks like NIPFP, NIFM and NCAER which are looking into the matter would submit their reports by September to the government.

The Committee, which was set up by the government in wake of public outcry over corruption and bringing back of funds stashed abroad, said while there was no dearth of laws to deal with the menace of black money, some new laws were needed to deal with specific issues.

"Some new laws, such as to regulate the cash economy, and some changes to the existing legal provisions also need consideration," it said.

Rejecting the demand of some social activists that black money held abroad be declared national asset, the panel said, "No purpose will be served by declaring wealth generated illegally as national asset."

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