The Finance Ministry declared that it has no plans to bring out a tax amnesty scheme to get back the black money stashed away in foreign accounts. The finance ministry made this submission before Parliament's standing committee on finance. The submission followed the Ministry’s declaration on 25 January 2011 that it constituted an expert group to look into the issue of black money. Parliament's standing committee on finance expressed its displeasure at the ministry’s continuance with special tax concessions to Mauritius, a country responsible for largest inflow of foreign capital into India.
The panel headed by BJP leader Yashwant Sinha asked the government to state as to what was the quantum of black money stashed outside India in foreign banks. It also asked the ministry to explain in detail how it had made use of the global fora such as G-20 to contain the menace of black money. The Committee needs in written from the Government by 2 February 2011 details on what it intends to do with regards to the issue of stashing away of black money in foreign countries.
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