New Delhi: Vowing to make India corruption-free, Prime Minister Narendra Modi on August 15 said Rs 6,500 crore of undeclared foreign assets have been brought to book since framing of a tough blackmoney law and the drive will continue despite 'side-effects'. Another Rs 4,500 crore has come through action under Prevention of Money Laundering Act (PMLA) during the last 10 months, he said outlining the series of steps taken by the government to tackle the menace of black money.
In his address to the nation from ramparts of the Red Fort on the 69th Independence Day, Modi said several important steps including agreements with countries like the US for real time sharing of information on Indian nationals holding assets abroad, have been taken. The government has enacted a new foreign black money law with stringent punishments, which some have termed as too harsh that may lead to inspector raj. "Sometimes when disease is very dreadful, then injections are needed.
When injection is administered, doctors say there may be side-effects. But, this bitter pill is the only cure for this ailment," he said. Modi said Rs 10,000 crore was recovered in 10 years since framing of PMLA. Of this, "Rs 4,500 crore has come in the last 10 months," he added. "We have not showed our commitment to fight corruption by holding a press conference, but by taking action on ground. And we have achieved results. We have tried to change system," he said. Promising a "corruption-free" India, he said, "corruption is a termite" that continues to persist at lower levels.
Modi said that immediately after coming to power in May last year, the BJP government constituted a Special Investigation Team (SIT) on black money and later enacted a Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The new law provided for a 90-day compliance window ending September 30 to foreign assets holders to declare undisclosed assets, pay a total of 60 per cent tax and penalty to escape jail term of up to 10 years.
The tax and penalty on income declared under the window has to be paid by December 31. Speaking on the response to one-time window provided to blackmoney hoarder to comply with the new law, he said, "people may not agree but it (compliance window) is working. People have declared undisclsoed income of about Rs 6,500 crore. This money will come into the treasury and will be used for betterment of the poor." "The process to bring back blackmoney is long but the work is continuing... benefits have started to accrue. No one can now dare to send blackmoney abroad," he said.
