Keeping with his promise, Finance Minister Pranab Mukherjee has tabled the white paper on black money in Lok Sabha House of Parliament on Monday for giving the detail regarding black money parked abroad.
Last week during a debate on the Finance Bill, Mukherjee promising to bring the White Paper in the on-going Budget Session and said, “I will try to give all the relevant and possible information.”
Being accused the govt, BJP claimed to pace slowly on the black money probe and also said that the White paper does not contain all the information about the unaccounted for money lying overseas.
However the expert committees that appointed by the government in May 2011, under the chairmanship of Central Board of Direct Taxes (CBDT) are expected to submit their reports in July or August.
“In respect of estimates of black money, three institutions are studying it independently and they will give their reports at the end of an 18-month period, and that period is coming to a close around July or August,” Mukherjee had said last week.
According to source, it has been said in the white paper that a multi-pronged strategy, however, is needed to deal with generation and transfer of black money abroad.
Main focus is on the real estate and gold jewellery and bullion sectors along with the manufacturing sector where the largest chunk of unaccounted money flows are forwarded.
Yielding “good results”, the govt. may provide tax incentives on use of debit/credit card as it leaves audit trail and by proper planning, committee has tried to tackle the problem of black money.