Parlt panel to review measures taken to unearth black money

Parlt panel to review measures taken to unearth black money

AS Government grapples with the issue of black money, a Parliamentary committee has decided to review the subject of "unaccounted" money and its generation. The Parliamentary Committee on Finance has decided to include "review of measures taken tor unearthing unaccounted money and curbing generation thereof" as one of its subjects.

A Supreme Court-appointed Special Investigation Team (SIT) is already looking into the issue of black money and has made some recommendations on various aspects of generation         of         unaccounted money. The SIT. coastituted in May. was assisted by heads of the IB, ED. CBI. Central Board of Direct Taxes. Narcotics Control Bureau. Directorate of Revenue Intelligence. Financial Intelligence Unit and RAW.

Against the backdrop of multiagency probe into the Saradha scam, [he committee, headed by former Law Minister M Veerappa Moily, will also look into the issue of efficacy of regulation of collective investment schemes and chit funds.

The panel has already issued notices to Finance Ministry. Ministry of Corporate Affairs. Reserve Bank of India and SEBI to provide details on chit funds and ponzi schemes.

The Committee will also review performance of regulatory bodies like SHBI. SFIO.CCIandlRDA.

With bad loans pinching financial institutions, the Committee will go in to deiails of non-performing assets.

With many analysts calling for limiting subsidy deliveries, including PDS food grains, through Aadhaar-Iinked bank accounts to curb corruption and ensure better delivery, the panel will assess the performance of the direct benefit transfer scheme.

Posted in: News 2014