High Level Committee set up to curb the Growth of Black Money

Union Government on 28 May 2011 decided to set up a high level committee under the chairmanship of Central Board of Direct Taxes (CBDT) Chairman to tackle the menace of black money.

The members of the committee include the director, Enforcement Directorate(ED), Director-General, Directorate of Revenue Intelligence (DRI), Director-General (Currency), and other top tax and revenue department officials. The commissioner of income tax (Investigations) of the CBDT would be its member secretary.

The panel was set up to examine tightening of laws to curb the growth of black money as well as to suggest ways to declare illegally generated wealth as national asset. The committee will examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.