More steps to renove Black Money
Foreign Exchange Management Act (FEMA), Prevention of Money Laundering Act( PMLA) and other indirect tax laws to curb the menace of black money. Finance Ministry officials told news persond that the committee, headed by CBDT chairman Prakash Chandra, is also likely to review the Central Excise Act. The existing Prevention of Corruption Act might be amended to suit the present day requirements.The high level committee set up to look into ways of curbing black money and its illegal transfer abroad as also its recovery wants tax evasion to be treated as a criminal offence.
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