Budget likely to bring up measures to tackle “black money”

The Dollar Business Bureau Union Budget 2015 while raising the bar on expectations is likely to be interesting too with the government trying to figure out ways and means to check “black money” in the country. According to sources, in addition to some of the key recommendations made by the Special Investigation Team (SIT) on how to take on the menace of “black money” in the past, the Union Finance Minister, Arun Jaitley has asked other investigative agencies their measures to curb unaccounted money in the system. Based on some of the presentations so far, the sources said that in addition to making tax evasion a “crime” in the country, the Permanent Account Number (PAN) could be more used as an effective instrument to check flow of “black money.” A cohesive and co-ordinated effort between the Financial Intelligence Unit (FIU) and the Enforcement Directorate (ED), Customs Department and other intelligence bureau’s might get a mention in the speech of the Finance Minister, added the sources. A centralised database which can be accessed by all law enforcement agencies under various ministries was also one of the suggestions by the intelligence agencies along with amendment of Foreign Exchange Management Act (FEMA) to seize and confiscate assets staked in other nations. Last but not the least, India is planning to take the lead in developing a fool-proof system across the globe by promoting protocols and international agreements which not only help every nation to track the black money but also bring the culprits to justice.  

This article was published on February 23, 2015.