MPs ask govt to explain utility of anti-graft bills

Even as they offered "help" to pass key legislative amendments to curb generation of black money, opposition MPs want written answers from the government on the effectiveness of these legal steps.

Even as they offered "help" to pass key legislative amendments to curb generation of black money, opposition MPs want written answers from the government on the effectiveness of these legal steps.

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At a meeting of the parliamentary standing committee on finance on Monday, finance ministry, directorate of enforcement and income tax department officials were asked to explain how the two bills —Benami Transactions (Prohibition) Bill, and the Prevention of Money Laundering (amendment) Bill — would be able to stem out black money.

Several members, including panel chief Yashwant Sinha, asked how the existing laws failed to curb corruption and wanted a written explanation about what improvement will take place if the law is changed.

Finance secretary R S Gujral, enforcement director Rajen S Katauj and senior officials from SEBI and RBI appeared before the panel. They have been asked to submit the replies in a week.

Sinha, however, assured the officials that the opposition will not block the passage of the bills.