Mukherjee calls for strengthening existing laws to unearth black money

New Delhi, June 11 (ANI): Union Finance Minister Pranab Mukherjee on Monday said that there was a need to identify gaps within the system to strengthen existing laws to unearth black money.

Inaugurating of the 28th Annual Conference of Chief Commissioners and Directors General of Income-Tax here Mukherjee said: "The government has constituted a committee to consult all stakeholders to strengthen the existing laws relating to black money. Committee has submitted its report to the government in March 2012. Report of the committee is being examined."

"I hope these two studies will help in identifying the gaps in the present legislative and administrative work and shall help us in checking the menace of black money through an effective policy response," he added.

Mukherjee also said the new Benami Transactions Bill 2011 would effectively help to keep a track of transactions, which would in turn tackle the scourge of black money.

"The government has taken another important step to curb the generation and channelisation of black money by introducing Benami Transactions Bill (Transaction through unknown sources) 2011, which will replace Benami Transactions Prohibitions Act 1988. Bill was introduced in Lok Sabha on August 18, 2011 and is currently being examined by the standing committee," he added.

Further hailing some of the states for taking adequate steps to collect taxes, Mukherjee said: "I would like to take this opportunity to draw your attention to the fact that some states in India that had so far being lagging in the group performance have started doing work in the recent years. It includes states like Bihar, Madhya Pradesh, Rajasthan and Orissa. These states need to be the new focused areas for your tax administration and collection efforts."

Mukherjee also appreciated the project of electronic filing of Central Excise and Service Tax Returns, which would tackle the problem of tax evasion.

"The new e-filing project will release more resources in the department to focus on post processing work. This would significantly aid in tackling the tax evasion and curbing black money and generation and its operation," he said. (ANI)