Press Information Bureau

Government of India

Ministry of Finance

05-August-2011 17:50 IST

Amendment in Law to Prevent Black Money

A Committee headed by the Chairman, CBDT has been constituted to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall 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)exemplary punishment against its perpetrators.

The Committee shall consult all stakeholders and submit its report within a period of six month.

This information was given by the Minister of State for Finance, Shri S.S.Palanimanickam in written reply to an Unstarred Question in Lok Sabha today.

DSM/PM

Declaration of Illegally Generated Wealth as National Asset to enable confiscation and recovery under strengthened law. A Committee chaired by the Chairman of the CBDT will review the legal and administrative framework to curb black money and propose measures including declaring illegally generated wealth as a national asset, enacting or amending laws for confiscation and recovery, and prescribing exemplary punishment, after consulting stakeholders and reporting within six months.