Black money: Modi's task force is almost ready

It could be the first big step from PM-designate Narendra Modi to bring back black money stashed abroad.
Sources in central agencies tell Indiatoday.in that a framework for a new task force to deal with black money has been prepared.

"Under the directions of senior officials of Department of Revenue, this task force has been created. It will be headed by the Financial Intelligence Unit," said an official, requesting anonymity.
Central agencies such as the Enforcement Directorate, the Income Tax Department and Directorate of Revenue Intelligence are the members of the task force.
The task force will deal with black money derived from corruption, money laundering, hawala, terrorist financing or through off-shoring of wealth via tax havens.
It will deal with all types of black money deposited in tax havens including Swiss banks.
However, at present, the framework of this task force is ready, but there will be no official word from any central agencies or department till Modi takes over prime minister.
"As soon as Modi assumes his new post, the framework of this task force would be shown to him for final approval. He will decide when to make it official," the source said.
In his Lok Sabha election speeches, Modi said black money will be brought back if the NDA came to power and it would be used for the welfare of the poor and to reward honest income-tax payers.

He promised to create a new task force to take 5-10 per cent of seized black money and distribute it to law-abiding citizens on fixed incomes.
The tax department is delighted and waiting to get this implemented at the earliest.
"If Modi is successful in launching few voluntary schemes among high networth individuals and rich Indians who have stashed black money abroad and make them (who fear central government and agencies) share the details, then nothing like it. At least, the department will get its 30 per cent tax from each individual," a senior IT official said.