Mumbai, March 4 :     CPM MPs Roopchand Pal and Biplab Dasgupta have submitted terse dissent notes to the committee?s report, saying it leaves out a large chunk of people embroiled in money laundering out of Bill?s purview. Pal has criticised the panel?s recommendation to exclude laundering of graft funds, money generated by falsifying business accounts and the provision for stiff penalties on IT officers who abuse their powers. Dasgupta said omitting offences under the Immoral Traffic Act and Prevention of Corruption Act would make the proposed legislation ineffective. Buttressing his case, he pointed out that that the country has been rocked by a series of money laundering cases in the past, a la Bofors and Hawala. Against such a murky backdrop, he questioned the committee?s proposal to leave out such cases from the purview of the Bill. One of the commonest ways of laundering black money, he said, was over or under invoicing exports and imports. Dasgupta also highlighted the gaps in the proposal that only cash transactions above Rs 25 lakh need be reported. Cash transaction, he said, has not been defined clearly. ?If it means currency notes carried in a suitcase and handed over at the bank counter, only a fool would do it,? he added. Pal, who represents Hooghly, was more strident in his criticism of the report: ?The committee seems more concerned about protecting the offender than those who are implementing the law.?