Arun Jaitley: In black money hunt, innocent won’t be harassed
Union finance minister Arun Jaitley in Lok Sabha on Monday (TOI Photo).Brand-new DELHI: Lok Sabha on Monday approved the bill to deal along with black money stashed overseas along with finance minister Arun Jaitley assuring that there would certainly be no harassment of innocent people such as students and the government was determined to go after the “big fish”.
The government regained the political high ground on the black money issue as Jaitley rejected the opposition demand and detailed the action plan to take strict action versus those who violate the law. He likewise reiterated the government’s determination to unearth domestic black money and detailed the various measures being contemplated.
READ ALSO: Lok Sabha passes bill to deal along with black money stashed abroad “We don’t want to proceed versus trivial violations but then the big fish must not get away in the garb. And let us not fire from the shoulders of these innocent students in order to make sure that no harsh action is taken versus the big fish,” Jaitley said.
“There will be no action versus those who have actually less than Rs 5 lakh lying in their bank accounts overseas. A student may have actually gone to study and he may not have actually closed the account which may have actually $200, will there be a case versus him? The answer is no,” the minister said.
Jaitley said in addition to the protection under this act, statutory guidelines would certainly likewise be issued to ensure that genuine people such as students, NRIs and others are not harassed.
“I cannot issue a circular that whosoever goes to Madison Square should not be prosecuted but I will certainly make sure innocents are certainly not the target,” he said.
Steering the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, in Lok Sabha, Jaitley said there would certainly be a short compliance window for persons having undisclosed income abroad to come clean by paying 30% tax and 30% penalty.
The FM said this law will act as a deterrent and help the government in getting undisclosed assets back. He said the Act will likewise have actually a clause for attachment of equivalent properties in India.