Headed by the Chairman, CBDT, the Committee would examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, declaring wealth generated illegally as national assets, enacting or amending laws to confiscate and recover such assets and providing for exemplary punishment against its perpetrators beside other measures.
The Minister of State in the Finance Ministry, Mr. S.S. Palanimanickam, told the Rajya Sabha today. The Committee is to consult all stakeholders and submit its report within a period of six months.
The Minister further informed that adequate provisions have been made in the Direct Tax laws to punish a tax evader. He said the Direct Tax laws contain provisions prescribing varying terms of imprisonment for various tax offences.