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On the issue of black money the government today has said that the Income Tax Department has not recommended ‘amnesty scheme’ to deal with the issue of black money.

On the question of, if the Central Board of Direct Taxes (CBDT) has recommended “amnesty scheme” on black money on the lines of the US the Minister of State for Finance S S Palanimanickam replied “No”.

The government had set up a committee under the CBDT Chairman to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The panel submitted its report to the government in March 2012.

 CBDT is the authority under the Finance Ministry which is responsible for collection of direct taxes in the country.

 The minister informed the Lok Sabha that there is “no verifiable information” as to estimate black money brought back to the country till date.Also, there is no verifiable information to estimate money deposited in foreign accounts by Indian nationals, “which is exclusive of their legitimate foreign deposits”, he added.

 However, as per the information released by the Swiss National Bank, the liability of Swiss banks towards Indians as on December 31, 2011, was CHF 2.183 billion (USD 2.245 billion), Palanimanickam said.

 Facing flak from various quarters for not doing enough to deal with the menace of black money, the government has adopted a multi-pronged strategy to address the problem.

 It has instituted three studies to estimate the quantum of black money both inside and outside the country.

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