CBDT Report on Black money under examination by Finance Ministry

A committee headed by the Chairman of Central Board of Direct Taxes (CBDT) to examine the ways to check the menace of black money has submitted its report to the Finance Ministry. The Committee was constituted on 27^th May 2011 to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.

The other members of the committee included Member (Legislation and Computerisation), CBDT, Director Enforcement (ED), Director General of Revenue Intelligence (DRI), Director General (Currency), Joint Secretary (Foreign Tax and Tax Research), CBDT and Director of Financial Intelligence Unit-India (FIU-IND).

It had the mandate to consult all stakeholders and submit its report within a period of six months, but the tenure of the Committee was extended thrice – in November 2011, January and February, 2012 -- to enable it to complete its work by March. The Committee conducted seven meetings on June 9, 2011, July 29, 2011, September 23, 2011, December 21, 2011, March 21, 2012, March 26, 2012 and March 28, 2012 respectively and submitted its report on March 29, 2012.

In a reply to an application filed under the RTI Act, the Finance Ministry has informed that the report is being examined by the Government and action taken thereof is to be laid before the Parliament. The copy of the report was declined under Section 8(1)(c) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature; Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature; and Section 8(1)(e) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information; Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information; of the RTI Act. The Section 8(1)(c) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature; Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature; exempts "information, the disclosure of which would cause a breach of privilege of Parliament or the State Legislature". Whereas, Section 8(1)(e) Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information; Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen, information available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information; exempt disclosure of "information available to a person in his fiduciary relationship, unless the competent authority is satisfied that the larger public interest warrants the disclosure of such information".