The Government has constituted a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.

The Committee includes Member (L&C), CBDT, Director, Enforcement Directorate(ED), Director General, Directorate of Revenue Intelligence (DRI),Director General(Currency), Joint Secretary(FT&TR),CBDT, Joint Secretary,MoL, Director, FIU- IND, all as its Members. The Commissioner of Income Tax (CIT)(Inv),CBDT would be its Member Secretary.

The Committee will examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,

(a) Declaring wealth generated illegally as national asset;
(b) Enacting/amending laws to confiscate and recover such assets; and
(c) Providing for exemplary punishment against its perpetrators.

The Committee will also consult all the stakeholders and submit its report within a period of six months.

Curbing black money: committee to recommend laws for asset confiscation, recovery and punitive sanctions. A central committee of senior tax and enforcement officials will review laws and administrative measures to prevent generation of black money, curb illegal transfer abroad and secure recovery by recommending that illegally derived wealth be declared a national asset, that confiscation and recovery laws be enacted or amended, and that exemplary punishments be provided, following stakeholder consultation.