NDA has done more work on black money than previous govts: FM Arun Jaitley

By: |
New Delhi | May 16, 2016 10:23 PM

Finance Minister Arun Jaitley today said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme

arun jaitleyThe crackdown on black money has led to seizure of Rs 3,963 crore of smuggled goods in 2 years, a 32 per cent jump over the previous similar period.(PTI)

Finance Minister Arun Jaitley today said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.

“I challenge any previous government who would not have done even 1 per cent of what we have done in two years,” he said at an India TV event here.

“We have brought legislation with regard to black money stashed abroad… those who have not taken advantage of the disclosure corridor will regret.”

Listing out other efforts of the government, he said Rs 6,500-crore assessment has been done in the case of HSBC and with regard to Liechtenstein, a tax haven, prosecutions have been launched.

Indian authorities had initiated action against citizens who were holding alleged unaccounted money in LGT Bank in Liechtenstein.

On Panama Papers, he said those who have kept money without permission of RBI may attract legal action.

“As soon was we get information with regard to such cases, we order inquiry,” he said.

The government has detected Rs 71,000 crore tax evasion, the finance minister said.

As much as Rs 50,000 crore of indirect tax evasion and another Rs 21,000 crore of undisclosed income has been unearthed by the government in the last two years.

The crackdown on black money has led to seizure of Rs 3,963 crore of smuggled goods in 2 years, a 32 per cent jump over the previous similar period.

Besides, a new income disclosure scheme is formulated for those holding undeclared assets to pay a total tax and penalty of 45 per cent and come clean.

Amendments have been made in the Prevention of Money Laundering Act to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited in the case of proceeds of crime.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India poised to become USD 5-trillion economy by 2024-25: Union Minister Hardeep Singh Puri
2Festivals boost demand for gig workers as economy opens up: Experts
3WTO ministerial: Fishery subsidy, patent waiver to fight Covid likely to top agenda