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2016 has started on a challenging note says Jaitley

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Kolkata: Union Finance Minister Arun Jaitley on Friday said economic volatility manifested in the oil price collapse and the Chinese crisis have become the norm, pointing towards the world starting 2016 on a challenging note.

“The new year 2016 has started for the world as a whole on a very challenging note. I have been repeatedly saying that there was a time and period in the past where challenges and crisis used to emerge occasionally… once in a decade.”

“But with the global economy so critically integrated, volatility is the new rule, it’s the new norm. We have seen in last few days price of oil collapsed. We have seen the currency crisis currently on in china. And obviously, the Global slowdown,” Jaitley said addressing the inaugural session of the Bengal Global Business Summit here.

He also referred to the World Bank’s downgrading global growth rate of 2.9 percent in 2016, on Thursday.

Turning to the national scenario, he said there were still many challenges.

The minister said though the service sector has significantly improved and remained more or less consistent, green shoots were visible in the manufacturing sector, which after some period of a slowdown is now picking up.

However, Jaitley said the continuous lack of monsoon resulted in decreased agricultural growth rate.

“But we have had two continuous less than normal monsoons, which pulled down the agricultural growth rate, which in fact impacted purchasing power in the rural area,” he added.(IANS)

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Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely

A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system

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Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely
Harsh Penal Proceedings For Illegal Swiss Bank Deposit Holders: Arun Jaitely. flickr

Union Minister Arun Jaitley today warned that Indians having illegal deposits in Swiss banks would face harsh penal proceedings under the black money law after Switzerland starts real time sharing of details of accounts from January onwards. Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India’s clampdown on suspected black money stashed by its citizens overseas.

“A news item has appeared today indicating an increase of money by ‘Indians’ in the Swiss banking system. This has led to misinformed reaction in certain circles raising a query whether the government’s anti-black money steps have yielded results,” Jaitley said in a blog. Noting that Switzerland in financial disclosures was always a reluctant state, Jaitley said the Alpine nation has amended its domestic laws involving all disclosures and entered into a treaty even with India and real time flow of information with regard to Indians would be made. “The flow of information is starting in January, 2019. Any illegal depositor knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law in India,” said the senior BJP leader and an eminent lawyer.

Jaitley said the Alpine nation has amended its domestic laws
Jaitley said the Alpine nation has amended its domestic laws. Flickr

Also read: Under Arun Jaitley corruption grew manifold in DDCA: Bishan Singh Bedi

Further, Jaitley said those who participate in a public discourse must understand these basic facts before expressing an opinion which may be ill-informed. “To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption,” he added. (IANS)

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