Panel on black money to meet tomorrow

The high-level committee to suggest legislative and administrative measures to check the menace of black money and bring back ill-gotten funds stashed abroad will meet here tomorrow.

The panel, headed by Central Board of Direct Taxes (CBDT) Chairman MC Joshi, would carry forward its earlier deliberations besides scrutinising the suggestions to deal with the menace, a Finance Ministry official said.

The Committee is expected to suggest a legal framework for confiscating ill-gotten wealth by declaring it as "national assets".

After the first meeting in June, the panel had sought public comments to deal with the problem of black money.

"The panel received hundreds of comments and the same may figure up in the meeting," the official added.

Members of the committee are from CBDT, Legislation and Computerisation (L&C), Director of the Enforcement Directorate, Director General of the Directorate of Revenue Intelligence (DRI), Director General (Currency), and Financial Intelligence Unit - India (FIU-IND), all wings of the Finance Ministry.

Cornered on the issue of black money, both by the Opposition and civil society, the government has adopted a five-pronged strategy which include negotiation and re-negotiation of tax treaties with various countries, to deal with the menace.