OFFICE MEMORANDUM [NO. 291/15/2011-IT (INV.I)]
It has been decided with the approval of competent authority to constitute a Committee to examine ways to strengthen laws to curb the generation of black-money in India, its illegal transfer abroad and its recovery. The Committee shall consist of the following officers:-
(i) Chairman, CBDT - Chairman of Committee
(ii) Member (L&C), CBDT - Member
(iii) Director, ED - Member
(iv) DG, DRI - Member
(v) DG Currency - Member
(vi) Joint Secretary (FT&TR), CBDT - Member
(vii) Joint Secretary, MoL - Member
(viii) Director, FIU-IND - Member
(ix) CIT (Inv.), CBDT - Member Secretary
2. The Committee shall examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means including, inter alia,
(a) Declaring wealth generated illegally as national asset;
(b) Enacting/amending laws to confiscate and recover such assets; and
(c) Providing for exemplary punishment against its perpetrators.
3. The Committee shall consult all stakeholders and submit its report within a period of six months.