The Institute of Chartered Accountants of India has said a committee constituted to suggest ways to check and bring back black money stashed in foreign banks will submit its report to the Finance Ministry within a fortnight.

ICAI President G Ramaswamy told reporters that the institute has asked the government to bring in a law that would force every citizen to declare his/her income abroad.

Such a law will help bring out details of black money reserves. ICAI also suggested that those who declared their assets and pay the taxes be given concessions on the penalty.