ICAI report on black money by Sept

The Institute of Chartered Accountants of India (ICAI) is likely to submit its report on the black money menace by next month or October, its president G Ramaswamy said on Monday.

The statement comes in the wake of repeated demands from various groups and political parties to bring black money stashed in overseas banks back to India. The body which regulates the profession of the CAs in the country had constituted a group to provide suggestions on addressing the issue of black money and related issues in view of public interest. The suggestions would be submitted to Central Board of Direct Taxes.

Among other proposals to tackle the problem of black money would be making it mandatory for foreign banks eyeing an entry into India, to share information regarding investments made in their banks by Indians.

The foreign banks should co-operate and share any information pertaining to investment made by Indians in their overseas branch, Ramaswamy said.

Looking to avoid money laundering through trust, ICAI president said, “Declaring the source of funding should be made mandatory.”