Govt to set up special force to deal with blackmoney
September, 07th 2011
The government will soon set up a special force on the lines of the American enforcement agency, Internal Revenue Service, to deal with the menace of blackmoney and nail serious tax offenders, a CBDT official said.
The force is likely to have its own uniform and function under the Director General of Income Tax (Criminal Investigation), a senior Central Board of Direct Taxes (CBDT) official said.
The force will be structured on the lines of American Internal Revenue Service which claims the highest conviction rate in the world.
"We have finalised the proposal and will soon seek the nod of Law Ministry to set up the cadre of specialised officers to effectively deal with black money," the official added.
The special agents will hold the rank of an income tax officer, whereas agents will be designated as inspectors.
The special force, according to the official, will deal with cases pertaining to generation of black money from illegal activities such as corruption, money laundering, illicit cross-border transactions, financial frauds etc. They will also have the powers to prosecute tax offenders.
"Given the responsibilities assigned to them, the government will be compelled to create a uniform cadre," the official said.
Initially, the special force will be dealing with cases involving organised crime, the official said.
In May this year, the government had announced setting up of a special wing -- the Directorate of Income Tax (Criminal Investigation) -- to investigate criminal offences under the direct tax laws.