Soon after his swearing-in as India’s 14th prime minister, Narendra Modi may take first big step to bring back black money stashed abroad. A new task force created to deal with black money derived from corruption, money laundering, hawala, terrorist financing or through off-shoring of wealth via tax havens, a media report said on Friday.
Quoting an official close to the development, India Today reported, “This task force has been created under the directions of senior officials of the Department of Revenue. It will be headed by the Financial Intelligence Unit.”
According to the report, the Directorate of Revenue Intelligence, the Enforcement Directorate and the Income Tax Department are the members of the task force. It will deal with all types of black money deposited in tax havens, including Swiss banks.