The high-level Finance Ministry committee on tackling the menace of black money is likely

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to submit its report in the first week of January, CBDT Chairman M C Joshi said today.

"The Committee is likely to submit the report in the first week of January, 2012," Joshi, who also heads the panel told PTI.

Amid allegation that little was being done to bring back the black money stashed abroad, the government in May had set up the committee under Chairmanship of Central Board of Direct Taxes (CBDT). The panel was to submit its report in November.

However, last month it was given an extension of two months.

With an aim to make its report more comprehensive, the Committee had invited comments from different industry bodies and the general public as well.

Sources said the panel received about 3,300 suggestions on ways to deal with problem of black money.

The committee was constituted by the Government in May this year to examine ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.

The other members of the committee, besides CBDT Chairman, are: CBDT Member (Legislation and Computerisation and Investigation), Director of the Enforcement Directorate, Director General of Directorate of Revenue Intelligence (DRI), Director General (Currency), CBDT Joint Secretary (Foreign Trade and Tax Regulation), Director of the Financial Intelligence Unit, CBDT's Commissioner of Income Tax (Investigation), Joint Secretary ( Ministry of Law)