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Bulk of black money is still within India: Arun Jaitley

Hinting at stringent action against those who failed to disclose foreign black money under compliance window, Finance Minister Arun Jaitley on Sunday said they “now stand the risk” of information on them reaching the tax authorities while those who disclosed can “sleep well”.

He also described as “ill conceived” the comparison between the assessed income of Rs 6,500 crore in HSBC and Rs 3,770 crore declared during the compliance window, saying these should not be treated as income under amnesty schemes.

Jaitley also said the government will soon make furnishing of PAN card details mandatory for cash transactions beyond a certain threshold to check flow of domestic black money.

Stressing that bulk of black money is still within India, he said there is a need to change the attitude to make plastic currency the norm and cash an exception and the government is working with various authorities to incentivise this change.

Jaitley also said that loans given by banks under MUDRA Yojana to entrepreneurs can only be withdrawn from ATMs.

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