Govt sets up panel to check black money

The government has constituted a committee to examine the clause to strengthen laws to curb generations of black money, its legal transfer abroad and recovery. The committee will be headed by chairman of the Central Board of Direct Taxes (CBDT) and submit its report within six months, the finance ministry said in a media statement. The panel will include member (legal & computerisation), CBDT; director, Enforcement Directorate; director general, Directorate of Revenue Intelligence; director general (currency); joint secretary (foreign tax and tax research), CBDT; and joint secretary, financial intelligence unit, India as members. The commissioner of income tax (investigation) in CBDT will be its member secretary.