Set up a Task Force to tackle black money and to recommend amendments to existing laws or enact new laws

Adequate Progress

The BJP government did not set up any Task Force to tackle black money. However, in compliance with a Supreme Court directive, it constituted a Supreme Court monitored Special Investigation Team (SIT) on Black Money.

Till March 2017,the SIT had detected black money worth ₹70,000 crore, which included ₹16,000 crore stashed abroad. On its recommendation, the BJP government declared cash transactions above Rs. 2 lakh as illegal. The BJP government however did not accept SIT’s recommendation on limiting cash holding to Rs. 15 lakh.

The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 was enacted, which introduced stringent penalties and enhanced punishment for those with undisclosed income or wealth abroad. It came into effect from July 1, 2015
The Benami Transactions (Prohibition) Act was amended and came into force on November 1, 2016. An interdepartmental Task Force for a crack-down on Benami transactions was set-up.

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