Government's New Moves Against Black Money

GOVERNMENT'S NEW MOVES AGAINST BLACK MONEY

Government's New Moves Against Black Money

The Indian government has introduced all new regulations to fight the corruption battle; Finance Minister Mr Arun Jaitley has made 40 amendments in the 2017 Finance Bill. According to the new rules, Aadhaar will be a must for tax filing and PAN application.

All deposits to electoral funds will be collected by cheques. The limit of cash transaction has been bound within 2 lakhs; a violation of the same will lead to a penalty of the amount of transaction. The Finance Ministry hopes that the circulation of black money can be highly prevented in this way.

The Finance Bill can be passed in Lok Sabha alone, as it is a Money Bill; BJP being a majority in Lok Sabha, can impose the new regulations without much obstacle. However, the government would take care about the foreign taxpayers and make exemptions accordingly.

The opposition (TMC, BJD and RSP) criticized the inclusion of non-taxation bills within the Finance Bill; but the objection was ruled out by Sumitra Mahajan, the Speaker.

#anti-corruptionlaws #blackmoney #aadhaarcard




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