Tough days for those involved in illegal transfer of money across the border: Arun Jaitley



By NewsGram Staff Writer

Speaking at a Enforcement Day function in Delhi, Finance Minister Arun Jaitley said that it will be harder days for those who indulge in illegal and illicit transfer of money across the border.

“World is moving towards transparent regime making it difficult to hide an illicit transfer of money through internet or other modes,” Jaitley said.

The Finance Minister also said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international forums to cooperate and coordinate with each other in such cases.

Talking about the issue of black money, Jaitley said that the present government has taken various steps to squeeze the black money including undisclosed assets within and outside the country.

“Our focus is on reasonable tax rates and ease of doing business for incentivizing people to abide by laws and avoid evasion of taxes etc,” Jaitley said.

The government in March had introduced “Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015” which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.