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Amnesty scheme on cards for black money

NEW DELHI: The finance ministry is devising a voluntary tax disclosure scheme that could provide amnesty to people who have stashed unaccounted money in tax havens and other jurisdictions abroad by charging them a levy. Finance minister Pranab Mukherjee, after a meeting with industry captains recently, activated a committee on black money set up last year to work out a scheme on voluntary disclosure. This scheme will allow corporates and others who have maintained secret accounts in foreign countries to declare their unaccounted wealth and bring it back into the economy after paying a levy. Sources said devising an amnesty scheme was one of the demands of industry captains who had met the FM last month. Those present in the meeting included Ratan Tata, Anil Ambani, Anand Mahindra, Y C Deveshwar, N R Narayana Murthy, G M Rao, R P Goenka and Shashi Ruia among others. Industry leaders, sources said, had argued that such money lying idle could be brought back to the country and invested in infrastructure sector where the government requires funding to the tune of $1 trillion over the next plan period. The government has, so far, received only $100 million through corporate infrastructure bonds from FIIs. Last year, the government had constituted an expert group to devise a voluntary disclosure scheme. However, it could not be finalized following opposition from several quarters.

                                                                                                               
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