The government is considering revision of the Foreign Exchange Management Act (FEMA), Prevention of Money Laundering Act and laws dealing with indirect taxes to curb the menace of blackmoney. According to Finance Ministry sources, the Committee, headed by CBDT Chairman Prakash Chandra, is also likely to review the Central Excise Act. It is also believed that the existing Prevention of Corruption Act might be amended as well to suit the present day requirements. The high level committee set up to look into ways of curbing black money and its illegal transfer abroad as also its recovery has also decided to treat tax evasion as a criminal offence.