Report No. 29
93. Other economic crimes mentioned by Santhanam Committee.-We next come to the question whether addition of any new provisions is called for under this category. At another place in the Report1, the Santhanam Committee gave an indication of the white-collar and economic crimes which it had in mind. After observing that such crimes rendered the enforcement of the laws more difficult, and that this type of crime was more dangerous not only because the financial stakes were higher but also because irreparable damage to public morals was done, the Committee stated, that tax evasion and avoidance, share-pushing, malpractices in the share market and administration of companies, monopolistic controls, usury, under-invoicing or over-invoicing2, hoarding, profiteering, substandard performance of contracts of construction and supply, evasion of economic laws, bribery and corruption, election offences and mal-practices, were some examples of white-collar crimes.
Now, of the examples so given by the Committee, most, if not all, would be covered by the existing enactments on the subjects in question3, which include certain provisions relating to economic offences also4. Monopolistic controls and sub-standard performance of contracts are, of course, important items. But the former has already been the subject-matter of consideration by a separate Commission5, whose report has been submitted recently, and it is unnecessary to discuss it in detail. The latter will be dealt with separately6.
1. Reports of the Santhanam Committee, p. 11, paras. 2-13.
2. As to under-invoicing, etc., see also Report of the Santhanam Committee, p. 253, item (xxii).
3. See Appendices 1 to 8.
4. See Appendix 1.
5. The Monopolies Commission.
6. See para. 126, infra.