Govt. committed to tackling menace of black money

NEW DELHI - Inaugurating the budget session of Parliament, President Pratibha Devisingh Patil on Monday, said that the Government of India committed to tackling the menace of black money.

“My government stands committed to tackling the menace frontally. It requires diligent, sustained effort by all law enforcement agencies, including those of state governments,” President Patil said in her joint address to both houses of Parliament.

“The issue of black money has attracted a lot of attention in the recent past, especially that allegedly stashed away in foreign banks. Government fully shares the concern about the ill-effects of black money whether generated by evasion of taxes on income earned legitimately or through illegal activities,” she added.

Emphasising that the Government has taken many steps improve capacity to tackle this problem, President Patil said: ” A multidisciplinary study has been commissioned to study its ramifications for national security and recommend a suitable framework to tackle it.”

She said the Government is also working closely with the international community, especially through the G-20, to expedite the process of identification and recovery of such money.

“India is now a member of the Financial Action Task Force in recognition of its anti-money laundering and anti-tax evasion measures. India has also gained membership of the Eurasian Group and the Task Force on Financial Integrity and Economic Development,” she added.

She further said that the Government has also taken steps to facilitate exchange of information for tax purposes with such countries and entities where Indian citizens may have parked their money.

“These steps have led to additional collection of taxes of ‘ 34,601 crore and detection of additional income of ‘ 48,784 crore,” she said.

“My government will spare no effort in bringing back to India what belongs to it and to bring the guilty to book,” she added. (ANI)