New Delhi: With the Centre and renowned yoga guru Baba Ramdev striking a discordant note on the smoldering issue of black money, possibilities of the Union Government accepting any suggestion of the latter are minimal. 

A high level committee headed by Central Board of Direct Taxes (CBDT) Chairman is not in favour of awarding capital punishment to those who have stashed away money in foreign countries, as suggested by the yoga guru.

The fourth meeting of the Committee has arrived at the consensus that life imprisonment or death penalty should not be given to those who commit economic offences.

As per the existing provisions, a person accused of stashing black money in foreign country can get maximum punishment of imprisonment up to seven years. Now the period of minimum punishment can be extended to seven years.

The Committee is not in favour of declaring black money as the national assets as it is not feasible. The Committee is also against making a new law to bring back black money to the country.

Viewing the existing laws as competent to check the menace of black money, the committee said better results can be derived by strengthening the probe agencies. 

The Committee also turned down the implementation of the Voluntary Disclosure of Income Scheme (VDIS) to check the menace. The Central Government had applied this scheme in the past to bring back black money stashed away abroad. But the efforts went in vain.

VDIS is an unconventional, but successful measure amongst all the Indian economic policies. It gives an opportunity to the income tax defaulters to disclose their undisclosed income at the prevailing tax rates.

(JPN/Bureau)