The CBDT has issued an Office Memorandum dated 15th September 2014 pointing out that Suspicious Transaction Reports (STRs) constitute a strategically important source of information for the Income Tax department. It is admitted that, however, the department has not been able to investigate all STRs promptly. With a view to take steps for better and quicker investigation in available STRs, the CBDT has invited feedback from the field officers on how the process can be made more effective.
Though the OM is directed to the field officers, tax payers and tax consultants who are well versed in the subject are requested to provide their inputs so as to strengthen the CBDT’s hands in ending the nefarious practice of hawala transactions.
CBDT OM Dated 15.09.2014 On Suspicious/ Hawala Transactions Report (17.6 KiB, 2,317 hits)
My view is let government announce Amnesty schemes that would promptly bring out all hidden cash out and that cash after paying relevant % concessional tax would become funds available openly; in this process govt gets tax moneys straight away and there is no need to make officers executive time is wasted besides tax payers funds need not be wasted on bureaucracy .
that kind would hit both birds properly and meaningfully.
it is clear so far government failed to unearth black money as such!
that is okay but none can take away vested interests of taxpayers . vested interests are available to tax payers or citizens not to Art 12 institutions.
Citizens are coming under sovereign definition per constitution of india but Art 12 institutions are just creatures under constitution.
creatures are not sovereign that need to be noted by all