As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.
A committee, consisting of nine members of ICAI's central council and headed by its president, G Ramaswamy, met on Thursday to discuss the matter.
"The committee has been constituted to identify areas where black money generation is going on, identify how to reduce it and suggest amendments to the existing laws, wherever required," Ramaswamy said.
He said ICAI had also been asked to see if black money stock could be treated as a national asset and what stringent measures could be put in place to curb this illegal activity.
"After we have a broad framework, we will invite comments from experts. The final phase will be to get feedback from all our members. We hope to complete it by July 31," Ramaswamy said.
The committee will give its recommendations to a panel set up by the Central Board of Direct Taxes (CBDT)
under the finance ministry. The CBDT panel is looking into the issue of curbing black money, including any legislative changes required.