CBDT Chief Panel Wants Crackdown Against Black Money

A committee under the stewardship of the Central Board of Direct Taxes ( CBDT) chief has suggested a drastic overhaul of laws to provide more stringent punishment, a fast- track judiciary and stronger administrative machinery to take on the black money hoarders, Mail Today reported.

The first draft of the black money committee report recommends that the punishment for those convicted under the Prevention of Corruption Act should be increased from the present seven years to a maximum term of 10 years rigorous imprisonment, says the report.

The report states that generation of black money is a matter of serious concern and the offence “ cannot be treated as less diabolical than the moneylaundering or commercial production of and sale of illicit drugs’’ which carry maximum prison terms of 10 years and 20 years respectively.


From: http://ping.fm/EnJw2