World economy moving closer to curb illegal transactions: FM
Finance Minister Arun Jaitley, said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international forums to cooperate and coordinate with each other to punish those who are involved in illegal and illicit transfer of money across the border. He further said that the present government has taken various steps to squeeze the black money including undisclosed assets within and outside the country, and added, the government’s focus is on reasonable tax rates and ‘ease of doing business’ for incentivising people to abide by laws and avoid evasion of taxes etc, reported a PIB release. Various steps have been taken by the present government to squeeze the black money including undisclosed assets within and outside the country, the minister said. The Finance Minister was speaking at the Enforcement Day function of the Directorate of Enforcement, Ministry of Finance at Vigyan Bhavan on Friday. Since coming into force of Prevention of Money Laundering Act (PMLA), 2002 in 2005, the Directorate has traced and attached laundered assets worth Rs, 9003 crores in 492 attachments orders, arrested 51 money launderers and has prosecuted money launderers in 173 cases. The Directorate has completed investigations in 1576 cases and Notices issued under FEMA in 654 cases for an amount of Rs. 7823 crore. It has finalised FEMA Adjudication proceedings in 818 cases during this period. During 2014-15, 166 provisional attachment orders were issued for attached laundered assets of Rs. 3657 crores and prosecution of money launderers was launched in 69 cases.
May 2, 2015 | 1:41 pm IST.
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