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The CA institute-appointed panel to suggest measures to tackle the menace of black money will submit its report to the Finance Ministry before end-August, its Chairman, Mr G. Ramaswamy, has said.
It is also likely to recommend to the Finance Ministry that steps be taken to frame rules for operationalising the Benami Transactions (Prohibition) Act 1988. Although this law was enacted in 1988, it has not been implemented in the absence of rules, sources said. Mr Ramaswamy said that the Finance Ministry has written to the Institute of Chartered Accountants of India (ICAI) seeking its suggestions on the matter of tackling black money.
“We (black money committee) just had our first meeting. We are now looking into issues like double tax avoidance pacts etc. Our recommendations will be ready before end-August,” Mr Ramaswamy, who is also the CA Institute President, told reporters here. On the matter of limited liability partnerships (LLPs), Mr Ramaswamy said that the central council of ICAI will meet on July 13-14 to consider among other things rules for converting a partnership firm into a LLP.
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