Recent steps taken by the Indian Government to check the generation and spread of black money

Recent steps taken by the Indian Government to check the generation and spread of black money.

1. Constitution of a Committee under the Chairmanship of Chairman, Central Board of Direct Taxes (CBDT) to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.
2. Commissioning fresh study through top national level institutions for estimation of unaccounted income/wealth both inside and outside the country.
3. Creation of new Directorate of Income Tax (Criminal Investigation).
4. The government will introduce a Bill in the monsoon session of Parliament that will enable confiscation of illegal money.