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Jaitley: Stock Market crisis an opportunity for India’s growth

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New Delhi: Finance Minister Arun Jaitley on Tuesday said market turbulence caused by the China situation was not a cause of worry for India, while the crisis should be converted into an opportunity to grow by speeding up the reforms. “Can we convert this (markets turmoil) into an opportunity? Now can we? Wherever we are lacking in further reforms, can we just speed them up? (Can we) expedite our own expenditure?” he asked while addressing an event here of the Society of Indian Law Firms.

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The Bombay Stock Exchange experienced its steepest ever fall on Monday, of 1624.51 points or 5.94 percent. The rupee also hit a fresh two-year low on Monday of 66.47 to a dollar. Jaitley said China was responsible for almost half the global growth in the last few years and it was switching from manufacturing to services.

“Their low-cost manufacturing products were not selling to that extent. They had built surplus capacity and not been able to serve. They are trying to switch from export-oriented economy to consumer-centric economy,” he said. Noting that Chinese growth figures were not even close to the pessimistic projections, Jaitley said: “Suddenly, one day, you have a collapse from Japan, the West coast. All markets collapse.”The finance minister on Monday also stressed the need to maintain course on economic reforms in the face of such “transient crisis”.

(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)