I-T ready to mull Ramdev's suggestions on black money

Amid the threat of yoga guru Baba Ramdev to go on hunger strike over the issue of black money, the Income Tax (I-T) department today said it is ready to consider his suggestions for unearthing unaccounted money.

"Ramdevji's suggestions were constructive and constructive ideas should be considered by the government," said Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra, who had earlier briefed Ramdev on the steps being taken by the government to unearth black money.

When asked about his meeting with the yoga guru, Chandra said, "I think Ramdevji was satisfied. I informed him about the steps government has taken during the past two years to bring back black money."

The government has recently announced a series of steps including setting up of a criminal investigation wing in the income tax department to track and prosecute economic offenders.

Ramdev has threatened to go on hunger strike on the issue of black money and corruption from June 4.

On setting up of the Directorate of Criminal Investigation (DCI), the outgoing CBDT chief said, "DCI will also help in getting banking information and cross borders deals with countries and tax havens with which India is revising tax treaties."

India has already identified 22 jurisdictions, which are tax havens, for signing tax treaties, he said, adding, "the revised Double Taxation Avoidance Agreement (DTAA) with Switzerland is likely to be implemented from next year."

The government has already announced a five-pronged strategy to tackle the menace of illicit funds, including joining global crusade against black money and creating appropriate legislative framework.