New Delhi, Mar 16 (ANI): The Union Budget 2012-13 proposals envision a multi-pronged strategy to prevent the generation and circulation of black money and its illegitimate transfer outside India.
Laying a special emphasis on the issue, Finance Minister Pranab Mukherjee also proposed to lay a White Paper on black money on the Table of the House in the current session of Parliament.
Mukherjee has announced an advancement in tracking the trail of black money menace.
The following has been already done:2 Double Taxation Avoidance Agreements (DTAA) and 17 Tax Information Exchange Agreements (TIEA) have been finalized and information regarding bank accounts and assets held by Indians abroad has started flowing in. In some cases prosecution will be initiated
Dedicated exchange of information cell for speedy exchange of tax information with treaty countries is fully functional in CBDT
India became the 33rd signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
Directorate of Income Tax Criminal Investigation has been established in CBDT. (ANI)
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