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Parliamentary panel on finance to start work on black money report this week

The Government claims to have already submitted three reports on black money to Parliamentary standing committee on finance, but some of the panel members have disagreed and blamed the government for not sharing the reports with them.

twitter-logo BusinessToday.In        Last Updated: March 6, 2019  | 18:00 IST
Parliamentary panel on finance to start work on black money report this week
The parliamentary standing committee on finance will meet Thursday to start work on report on black money in India.

The parliamentary standing committee on finance will meet Thursday to start work on report on black money in India. The panel has also asked Enforcement Directorate (ED), Serious Fraud Investigation Office (SFIO) and other agencies to depose at the meeting, sources told India Today TV.

The Government claims to have already submitted three reports to the house panel headed by former Petroleum and Corporate Affairs Minister and Congress MP Veerappa Moily, but some of the panel members have disagreed and blamed the government for not sharing the reports with them.

Also Read: Removal of input tax credit may bring back black money to real estate

The BJP led government has however, said that the reports are made available to the committee members but are not made public yet. The panel has 21 Lok Sabha members and 10 Rajya Sabha members.

At present there is no credible information regarding the quantum of black money present in India and abroad.

The UPA government had commissioned studies by National Institute of Public Finance and Policy, the National Council of Applied Economic Research, and the National Institute of Finance Management to establish the quantum of illicit money held by Indians in the country and abroad.

The BJP led government last year disclosed that the reports by these institutes were received between December 2013 and August 2014 and were sent to the Parliamentary panel on finance in July 2017.'

Also Read: Have offshore investments? Get ready to face the music from IT Dept

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