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Public view sought on slush funds

New Delhi, June 9: The government will invite comments from the public on ways to find black money.

At the first meeting of the high-level committee on black money set up last month, the participants discussed the laws that needed to be changed.

The committee, headed by CBDT chairman Prakash Chandra, was set up to examine ways to strengthen laws to curb the generation of black money in India, its illegal transfer abroad and its recovery.

The meeting was held in the backdrop of the government facing flak from the civil society and Opposition for not doing enough to deal with the menace.

A report of the Swiss Banking Association allegedly claimed that Indians were among the biggest depositors of black money in that country.

The amount of black money abroad is believed to be more than the country’s total foreign exchange reserves, according to some calculations. Three years ago, a study by Global Financial Integrity estimated that $27.3 billion in black money was sucked out of the country every year.

The panel will suggest modalities for the utilisation of the information available with Financial Intelligence Unit-India and the income tax authorities to recover outstanding demands.

The government had also announced a five-pronged strategy, including the setting up of a Directorate of Criminal Investigation.

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