New Delhi: In an effort to ensure that the tax evaders are not easily let off the hook by simply paying a cash penalty, the Centre is contemplating on lodging criminal cases against the frequent defaulters. In this regard, the present Union Government may bring about the required amendments in the tax law and if required made also enact a new legislation to trace the black money.

In the first meeting of the committee on black money chaired by Central Board of Direct Tax (CBDT) Chairman Prakash Chandra, discussion was held on the need of a separate vigilance system to keep a regular track on black money.

The meeting decided that the opinions will be sought from common people on the issue of disclosing the black money and making a new law for prosecuting tax evaders. The Government will seek the views of Banks, Chartered Accountants and the experts of share market on possible law against tax evaders.

Sources said the Committee is expected to come out with a solution in a time span of six months. Sources further stated that the Committee will not focus on the regeneration of black money but chalk out the measures to take action against those making black money.

The members of the committee include the members of CBDT (L&C), Director of Enforcement Directorate (ED), Director General (DG) of Revenue Intelligence Directorate, DG Currency, Joint Secretary JS (FT &TR) CBDT and JS of Financial Investment Unit.