'Common platform for agencies needed to unearth black money'

Kolkata : Income Tax officials on Thursday called for a common platform for various agencies to unearth black money and for seamless investigations.

"Implementing authorities like Income tax, Customs and Excise, Enforcement Directorate and others have to work together, hand in hand. There are many angles of the investigation, which cannot be dealt with only one agency and others might also be required. There is a need for common platform," said Director General of Income Tax (Investigation), East, Pranab Kumar Das at an event of the Calcutta Chamber of Commerce.

He stressed that making policies and acts alone would not be enough to tackle the menace of black money.

The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, along with the introduction of Benami Transaction Act and the amendment in Income Tax Act, have been facilitating the agencies to curb generation of black money, Das said.

"Due to technologies, we are flooded with information about various transactions by persons. We can identify the track of transactions," he said, adding that more than 100 shell companies were raided in the city, based on the information.

Principal Director General of Income Tax (Investigation), Kolkata, Ashish Verma said that I-T officials are getting information from abroad through improved policy initiatives.

Hailing the demonetisation move, Verma said note-ban initiative corrected the generation of black money through real estate transactions.