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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.