Business Standard

'Common platform for agencies needed to unearth black money'

IANS  |  Kolkata 

officials on Thursday called for a common platform for various agencies to unearth black money and for seamless investigations.

"Implementing authorities like Income tax, Customs and Excise, and others have to work together, hand in hand. There are many angles of the investigation, which cannot be dealt with only one agency and others might also be required. There is a need for common platform," said of (Investigation), East, Pranab Kumar Das at an event of the

He stressed that making policies and acts alone would not be enough to tackle the menace of black money.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Act, 2015, along with the introduction of Benami Transaction Act and the amendment in Act, have been facilitating the agencies to curb generation of black money, Das said.

"Due to technologies, we are flooded with information about various transactions by persons. We can identify the track of transactions," he said, adding that more than 100 shell companies were raided in the city, based on the information.

Principal of Income Tax (Investigation), Kolkata, said that I-T officials are getting information from abroad through improved policy initiatives.

Hailing the demonetisation move, Verma said note-ban initiative corrected the generation of black money through



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 00:24 IST