White paper on black money likely to be tabled today

New Delhi: As the UPA II completes three tumultuous years - Finance Minister Pranab Mukherjee is likely to table a white paper on black money in Parliament on Monday - crucially the report is unlikely to favour any amnesty for tax evaders.

The paper is likely to give a comprehensive strategy on bringing back black money stashed abroad. It will also focus on bullion, gold jewellery and the real estate sector and is likely to recommend more transparency in land dealings and regularisation of land registration.

The government had last year formed a committee to examine the black money issue. The report was submitted to the finance ministry earlier this year.

The Government does not have an estimate of quantum of black money existing in the country.

The reports say it will provide information about the steps that the government has taken to tackle the issue but may not divulge estimates of the black money stashed abroad, as expert committees are yet to submit their reports.

White paper on Black Money listed in Lok Sabha's list of business for Monday. A copy to be tabled in Rajya Sabha on Tuesday.

Pranab has given an assurance to Parliament that government will bring a white paper on black money before the end of the Budget Session. The assurance was given after LK Advani raised the issue in Parliament.

The paper is likely to focus on bullion, gold jewellery and the real estate sector. The paper is also likely to recommend more transparency in land dealings and regularisation of land registration.

A comprehensive strategy, comprising of appropriate legislative mechanism and institutions for dealing with illegal funds, is requried to bring back black money stashed abroad.

The Government does not have an estimate of quantum of black money existing in the country. It has commissioned a study by three national level institutions on the issue. The institutes are National Institute of Public Finance and Policy; National Institute of Finance and Management and National Council for Applied Economic Research.

The study is expected to be completed by September 2012. The government had last year formed a committee under the chairmanship of CBDT chief to examine the issue. The report was submitted to the finance ministry earlier this year.

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