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The recently constituted high-level committee to help curb generation of black money held its first meeting today.
At the meeting, the committee decided to seek public comments on ways to unearth black money. The committee also discussed the laws that need to be strengthened to bring back the black money stashed abroad, sources said. Last month, the Central Board of Direct Taxes (CBDT) had set up a nine-member committee to examine ways to strengthen laws to curb the generation of black money in India, its illegal transfer abroad and its recovery.
The committee is being headed by the CBDT Chairman. The committee, which is required to submit its report in six months, has also been asked to look into the aspect of declaring wealth generated illegally as national assets. It would also look at amending laws to confiscate and recover illegally created assets.
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