New Delhi: A high-level committee set up under the Central Board of Direct Taxes (CBDT) to trace tax defaulters and confiscate black money has sought advice from five industry bodies on the recovery of black money before recommending any changes in the legal framework.

The government set up the committee on May 28, 2011 to give its opinion on the possibility of declaring black money as national income, strengthen the laws which will help in preventing the creation of black money and lodging criminal cases against guilty.

The committee is required to submit its report within six months.

In this regard, the panel has written letters to FICCI, CII, ASSOCHAM, PHD Chamber and NASSCOM seeking their opinion.

However, the Finance Ministry is of the opinion that the available laws against black money are stringent enough.

 (JPN/Bureau)