Black money: Modi's task force is almost ready

Discussion in 'Politics & Society' started by Ray, May 23, 2014.

  1. Ray

    Ray The Chairman Defence Professionals Moderator

    Apr 17, 2009
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    Black money: Modi's task force is almost ready

    It could be the first big step from PM-designate Narendra Modi to bring back black money stashed abroad.
    Sources in central agencies tell that a framework for a new task force to deal with black money has been prepared.

    "Under the directions of senior officials of Department of Revenue, this task force has been created. It will be headed by the Financial Intelligence Unit," said an official, requesting anonymity.

    Central agencies such as the Enforcement Directorate, the Income Tax Department and Directorate of Revenue Intelligence are the members of the task force.

    The task force will deal with black money derived from corruption, money laundering, hawala, terrorist financing or through off-shoring of wealth via tax havens.

    It will deal with all types of black money deposited in tax havens including Swiss banks.

    However, at present, the framework of this task force is ready, but there will be no official word from any central agencies or department till Modi takes over prime minister.

    "As soon as Modi assumes his new post, the framework of this task force would be shown to him for final approval. He will decide when to make it official," the source said.

    In his Lok Sabha election speeches, Modi said black money will be brought back if the NDA came to power and it would be used for the welfare of the poor and to reward honest income-tax payers.

    He promised to create a new task force to take 5-10 per cent of seized black money and distribute it to law-abiding citizens on fixed incomes.

    The tax department is delighted and waiting to get this implemented at the earliest.

    "If Modi is successful in launching few voluntary schemes among high networth individuals and rich Indians who have stashed black money abroad and make them (who fear central government and agencies) share the details, then nothing like it. At least, the department will get its 30 per cent tax from each individual," a senior IT official said.

    Modi's task force on black money is almost ready

    It appears that he is hitting the ground running!


    Sep 22, 2012
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    Detroit MI
    Modi government forms SIT to probe black money as per SC orders

    New Delhi: In a major step, the Narendra Modi government in its first ever Cabinet meet formed a Special Investigation Team to probe black money following the Supreme Court orders.

    The SIT will be headed by former Supreme Court judge M B Shah and will include Revenue Secretary, CBI and IB directors, Enforcement Directorate official, CBDT Chairman and RBI deputy governor.

    Former Supreme Court judge Arijit Pasayat will be the vice-chairman of the panel. Modi government forms SIT to probe black money as per SC orders PM Modi had in his election campaign often talked about bringing back the black money stashed away in foreign banks.The Supreme Court had last week granted the government one week to constitute the SIT for monitoring of all black money cases.

    "In the first Cabinet of the new the light of the directions of the SC, we have constituted an SIT for unearthing black money... This was an important issue for us," Law and Telecom Minister Ravi Shankar Prasad told reporters after a one-and-a-half-hour long Cabinet meeting.

    Narendra Modi chaired his first ever Cabinet meet today at the South Block.
    The decision to constitute an SIT to unearth black money in its first ever Cabinet meet is a huge step for PM Modi who had in his election campaign often talked about bringing back the black money stashed away in foreign banks.

    Prasad, who is also the party spokesperson said the government's decision to form an SIT to probe black money was an indicator of its commitment to the general public.

    Modi government forms SIT to probe black money as per SC orders - IBNLive
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  4. SLASH

    SLASH Senior Member Senior Member

    Feb 5, 2011
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    The congress has given ample time to the money launderers to shift their base to more secure locations. The court asked the government to form an SIT in 2011, it is 2014 and only now the new government has formed the SIT.

    Hope they concentrate on the black money within india rather than fictional $zillion lying abroad.

    Sent from my Surface Pro 2 using Tapatalk

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