NEW DELHI, Sept 17: As government grapples with the issue of black money, a Parliamentary committee has decided to review the subject of “unaccounted” money and its generation.
The Parliamentary Committee on Finance has decided to include “review of measures taken for unearthing unaccounted money and curbing generation thereof” as one of its subjects.
A Supreme Court-appointed Special Investigation Team (SIT) is already looking into the issue of black money and has made some recommendations on various aspects of generation of unaccounted money.
The SIT, constituted in May, was assisted by heads of the IB, ED, CBI, Central Board of Direct Taxes, Narcotics Control Bureau, Directorate of Revenue Intelligence, Financial Intelligence Unit and RAW.
Against the backdrop of multi-agency probe into the Saradha scam, the committee, headed by former Law Minister M Veerappa Moily, will also look into the issue of efficacy of regulation of collective investment schemes and chit funds.
The panel has already issued notices to Finance Ministry, Ministry of Corporate Affairs, Reserve Bank of India and SEBI to provide details on chit funds and ponzi schemes.
The Committee will also review performance of regulatory bodies like SEBI, SFIO, CCI and IRDA.
With bad loans pinching financial institutions, the Committee will go into details of non-performing assets.
With many analysts calling for limiting subsidy deliveries, including PDS food grains, through Aadhaar-linked bank accounts to curb corruption and ensure better delivery, the panel will assess the performance of the direct benefit transfer scheme.
Government transfers money to bank account of consumers of kerosene, LPG, among others, through its direct benefit transfer scheme to plug loopholes and ensure corruption-free delivery. (PTI)
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