Usually armed with suggestion on every issue, the industry chambers do not seem to be very enthused on the issue of blackmoney. The Central Board of Direct Taxes (CBDT) in the Finance Ministry can confirm this.
On Thursday, the Board sent a reminder to various apex chambers seeking their “views and suggestions” on blackmoney by September 15. The communication has been sent to Assocham, CII, FICCI, PHD Chambers of Commerce and Industry, Bombay Chamber of Commerce, Indian Chamber of Commerce (ICC) and Nasscom along with Institute of Chartered Accountants of India (ICAI) and Institute of Cost and Works Accountant of India (ICWAI).
The Government has constituted a committee under the CBDT Chairman to suggest ways to curb blackmoney. The committee was mandated to seek views from the stakeholders. With this intention the board requested the industry chambers to present views by July 15.
However, couple of chambers did send interim response saying they were engaged in internal discussion and would send the views soon. But, even a month after the earlier deadline, the chambers failed to submit their views.
Terming the whole episode very disappointing, a senior CBDT official said, “It is hard to understand why the chambers are reluctant.” The Government does not want to be blamed for framing rules to curb blackmoney without proper consultation, that is why it is sending a gentle reminder, the official added.
Meanwhile, FICCI sources said that they did receive a letter from the Ministry but they are not aware about the reminder. However, the chamber has sought its views from its members and as soon as it gets, it will submit to the government, sources added without giving a time line.
Two other chambers — CII and Assocham — have assured to give view by September 15.
Meanwhile, the Board has received over 4,000 responses for curbing the menace of blackmoney on specially created Web address.
Most of the responses are usual anger against the system, but few of them talk about using electronic method for auction of natural resources or tendering for the Government contract.