NATIONAL

Black money law a step in the right direction, says CII

Even as some people have called the black money law ‘vengeful’ and ‘too harsh,’ industry body CII on Sunday said it is a step in the right direction and offenders must be handed out stringent punishments.

“Black money is a serious problem, which needs strict handling. The black money that is either outside the country and/or inside needs to be brought into the economic mainstream for obvious reasons,” Director-General of Confederation of Indian Industry (CII) Chandrajit Banerjee said.

“In this context, the CII commends the steps announced in ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’, which will help in curbing black money,” it said in a statement.

Address

In his Independence Day address on Saturday, Prime Minister Narendra Modi said that after the government enacted a ‘strict law’ to deal with black money, “Every week people call us and complain that we have passed a very stringent law. They call it a draconian law and a black law and say that officers would harass them.”

‘Penalties a

global norm’

The CII said that many countries across the world have adopted measures to prevent illicit financial outflows and promote disclosure of unreported income. Stringent penalties are applicable under money laundering legislations globally.

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