The Government has constituted a committee to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery. The nine-member committee will be headed by the Chairman of the Central Board of Direct Taxes. According to a finance ministry release, the committee will examine the existing legal and administrative framework to deal with the menace of generation of black money through illegal means. It includes declaring wealth generated illegally as national asset, enacting and amending laws to confiscate and recover such assets and providing for exemplary punishment against its perpetrators. The committee will also consult all stakeholders and submit its report within a period of six months.