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India remains insulated from economic fallout: Arun Jaitley

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By NewsGram Staff Writer

Singapore: At the Singapore Summit here, Union Finance Minister Arun Jaitley said despite a global slowdown, India remains insulated from the economic fallout and stands out as a “brighter spot”.

ArunJaitley“India is not a part of the Chinese production chain, significantly. In fact, the two segments – commodities and oil – that been adversely affected certainly don’t adversely impact India (which is) a net importer,” Jaitley said last night at The Singapore Summit 2015 here.

“Therefore, the more we see a low price regime, the more India continues to benefit. Notwithstanding the slowdown globally, we do stand out as one of the brighter spots,” he was quoted as saying by The Straits Times.

Allaying concerns about the pace of the BJP-led Indian regime’s economic reforms, the Union Minister said the government has moved “fairly rapidly”.

“I welcome a certain amount of restlessness,” The Singapore Daily quoted Jaitley as saying.

“I think the government has moved fairly rapidly. The government’s direction is absolutely clear,” he stressed as he told a gathering of around 400 global business leaders, investors and government officials that headway has been made on four fronts – labour, tax, power supply and land reforms.

He also added that the Indian government has solved most of the “legacy issues”.

Jaitley, who arrived here yesterday, called on Singapore Prime Minister Lee Hsien Loong and met Foreign Minister K Shanmugam, state investor Temasek Holdings and international investors during a day-long series of meetings.

(credit: outlookindia)

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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)