Black money: No more safe in India to deal in excessive cash, says Finance Minister Arun Jaitley

Black money: No more safe in India to deal in excessive cash, says Finance Minister Arun Jaitley

Arun Jaitley also took a dig at the previous UPA government. He said, “The corruption in Central Government has become a thing of the past”.

Finance Minister Arun Jaitley on Thursday said that now for Black money hoarders and benami transactions, it is no more safe in India to deal in excessive cash.

Speaking at the India Investor Summit in New Delhi, Jaitley also took a dig at the previous UPA government. He said, “The corruption in Central Government has become a thing of the past”.

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Listing out the Centre’s achievements, the Finance Minister said that the current government is quick in decision making, whether it’s about implementing the Goods and Services Tax Bill or targeting subsidies in various sectors.

 He said that the Government has been successful to able to contain the inflation impact after the GST rolled out.

Talking about bringing more sectors under the GST ambit, Jaitley said that the real estate is most easy to bring in under GST umbrella.

Jaitley also addressed the current issue of mounting NPAs in the banking sector. He said, “Banks have done excessive lending in the past. Proposal of capital adequacy of the banks is also on the table”.

He further added that as far as divestment is concerned, the government never had any reservations about privatization.

“In last few years, market was quite volatile at times,so the Government has to wait for the right time for the divestment”, he said.

“We have ambitious Target for divestment this year. Even today,We have Air India divestment Meeting”, he further added.

Arun Jaitley also spoke about the farm loan waiver issue, he said, “As far as farm loan waiver by States is concerned, they have to find their own resources for this purpose”.

Favouring the concept of Universal Basic Income (UBI), the Finance Minister said that he, personally would like to see it being implemented but sees political immaturity among paties as a hurdle.

Shrugging off any assumptions of hurdles in country’s growth, he said, “India’s confidence as a nation and has increased tremendously in last few years”.

Source : dnaindia

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