The Indian citizens seem to agree with Baba Ramdev on the demand for declaring black money as a national asset. Majority of the people, who gave their feedback on black money to the income tax department, think declaring black money as a national asset would help to bring it back into the country.
Last month, the department created a dedicated email address and requested the public to send in views and suggestions on how to bring back the black money.
The online comments would be placed before the CBDT-appointed high-level committee on black money. ?We have received 4,000 comments so far. Majority of them suggest that the illicit wealth recovered should be declared a national asset,? a finance ministry official said.
The department has also asked India Inc to give its suggestions on the measures to curb black money generation and prevent flows of such wealth overseas. In June this year, yoga guru Baba Ramdev observed fast in on the issue of black money. Among other demands, Ramdev asked the government to formulate a law to declare such illicit wealth as a national asset. However, the Delhi police forcibly shut down the protest and sent Ramdev to Haridwar.
The government is under pressure from civil society, Opposition parties and the Supreme Court on the issue of black money allegedly stashed abroad by Indians.
This year in May, the government constituted a committee headed by the CBDT chairman to strengthen the law to curb black money generation and examine the existing legal and administrative framework to deal with the menace. The panel is also looking into declaring the wealth generated illegally as a national asset, enacting and amending laws to confiscate and recover such assets and providing for exemplary punishment against its perpetrators. The committee would submit its report in six months.
Pulling up the government for the ?laggardly pace? of investigations into the issue of black money stashed abroad, the Supreme Court earlier this month appointed a Special Investigation Team headed by former apex court judge B P Jeevan Reddy to investigate and monitor steps taken to bring the unaccounted money back home.