(a) the steps taken by the Government to check
generation of black money and laundering thereof
under the existing laws during the last three
years;
(b) whether the Government have undertaken any
systematic study during the above period to
identify the major areas of generation of black
money besides the commonly known areas of extortion,
drug trafficking, gun running; and
(c) if so, the outcome thereof?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (GINGEE N. RAMACHANDRAN)
(a) The Income-tax Act, 1961 contains a number
of provisions aimed at unearthing the undisclosed
money and thereby checking generation of black money.
These provisions include compulsory maintenance and
audit of accounts in cases described under sections
44AA and 44AB, restrictions on cash transactions under
sections 40A(3), 269SS and 269T, pre-emptive purchase
of properties under Chapter XXC, surveys and searches,
penalties and prosecutions for punishing tax evaders
and investigation in cases selected for scrutiny.
These provisions are resorted to in appropriate cases.
Besides that, allotment of Permanent Account Number
under section 139A to all the assesses and compulsory
quoting of such PAN in prescribed transactions has been
given top priority along with computerization of work
of Income-tax Department. The provisions of section
139(1) regarding compulsory filing of returns by persons
who fulfill one of the six economic indicators, has been
extended to 133 cities in the Country. This scheme
brings on the records of Income-tax Department,
persons owning immovable properties, etc., which
have scope for investment of black money.
(b)&(c) No such study has been undertaken during the
last three years.