Report card: Centre delivered corruption free governance in last one year, says Jaitley

''Our priority is to get the GST and Land Bills passed by Parliament,'' Jaitley told a press conference while presenting the report card of Modi government.

The Finance Minister further said notifications with regard to Blackmoney Bill will be issued shortly.

''Misuse of investigation agencies is a thing of the past,'' Jaitley told reporters. Jaitley said the NDA government will make every effort to meet GST rollout deadline of April 1, 2016.

Commenting over the ongoing tussle between Delhi Chief Minister Arvind Kejriwal and Lt Governor Najeeb Jung, the Finance Minister said the Home Ministry's notification on LG's powers will help remove confusion in the national capital.

Modi government is going to complete one year in office on May 26.

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People want governance not controversies: Jaitley to Kejriwal

"The people of Delhi experimented with a new party in the elections, but it is a very costly experiment because governance is not their political agenda," Jaitley cited. He was speaking at Delhi BJP's Executive Committee meeting.

In an apparent reference to various controversies surrounding the AAP government, particularly the tussle between Kejriwal and Jung, Jaitley asserted people of Delhi want governance and the ruling dispensation must understand it.

"Whatever is happening in Delhi in last few months, it seems coming days may be be painful. The AAP government came following a huge mandate. They should understand their responsibilities. People want governance and not controversy. So they should understand their responsibilities and fulfil people's expectations," he added.

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Blackmoney Bill to come up in Parliament next week; Centre initiates prosecution against offenders

In a stern warning to offenders, he said it would not be possible for anyone to hide unaccounted wealth as the international community is planning to put in place a mechanism for automatic exchange of information by 2017.

"Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad," Jaitley said at the 'Enforcement Day' function organised by the Directorate of Enforcement.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty.

Jaitley said the government has been taken steps to unearth black money stashed abroad.   

"There are large number of cases...prosecutions against those offenders have been filed in last few months. The assessment of hundreds of those cases have been completed. 121 prosecutions have been filed by tax Department against them," he said.

With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years, he added.

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Black money Bill to be taken up in Parliament next week: Finance Minister

In a stern warning to offenders, he said it would not be possible for anyone to hide unaccounted wealth as the international community is planning to put in place a mechanism for automatic exchange of information by 2017.

"Next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad," Jaitley said at the 'Enforcement Day' function organised by the Directorate of Enforcement.

The government in March introduced 'The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015' which provides for heavy penalty and stiff punishment of up to 10 years for stashing unaccounted funds abroad.

There will also be a window to help persons having such funds abroad to come clean by paying tax and penalty.

Jaitley said the government has been taken steps to unearth black money stashed abroad.   

"There are large number of cases...prosecutions against those offenders have been filed in last few months. The assessment of hundreds of those cases have been completed. 121 prosecutions have been filed by tax Department against them," he said.

With the international community including G-20 leaders taking various initiatives, it would become difficult for people to hide wealth within couple of years, he added.

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High priority given to probe blackmoney cases: Enforcement Directorate

"With a new government in place and a high priority  accorded to tackling black money, ED has been a busy place  this last year. I am happy to report that we have, thanks to the dedicated effort put in by all our staff, surpassed our performance of the previous year," ED chief Rajan Katoch said during the 'Enforcement Day' event here.
  
Katoch said the agency, tasked to probe hawala and money laundering crimes, in 2014-15 completed investigations in a total of 1,918 cases as against 1,836 cases probed last year even as 2,000 preliminary enquiries were "resolved" during the same year.
  
"The backlog of Foreign Exchange Management Act (FEMA) adjudication cases has also been brought down drastically. Laundered assets valued at Rs 3,657 crore were attached during the year as against 1,773 crore the previous year. Total value of assets attached has now gone up to over Rs 9, 000 crores. We have stepped up our filing of prosecutions from 11 in 2012-13 to 55 in 2013-14 to 69 in the year gone by (2014-15)," he said.
  
Katoch, who has brought in some new protocols to increase accountability and transparency in this department vested with the enforcement of two of the most stringent laws in the  country, said ED's aim is to be increasingly "firm and fair" in its investigations.

"Public confidence and credibility are the most valued achievements for us...I must mention that during the year we have defined the core values of integrity, accountability, commitment, excellence and impartiality that we expect all our staff to adhere to. We have put in place certain internal protocols to facilitate adherence to these core values," he said.

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Atal Bihari Vajpayee a leader par excellence: Arun Jaitley

Vajpayee is being conferred country's highest civilian award Bharat Ratna on Friday by President Pranab Mukherjee.

"This a proud moment for the country and all of us. He a stalwart leader of the country. He is a leader of par excellence who has worked tirelessly in the interest of the nation," Jaitley said here.

"In this country, I think there would be very few people like him who are good orator, political leader, thinker and poet. We pray for his good health and long life," he added.   

Setting aside protocol, the President will visit Vajpayee's Krishna Menon Marg residence here and will confer him the Bharat Ratna later on Friday.

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Finance Minister will be approached for more funds: Maneka

Women and Child Development Minister Maneka Gandhi said in Lok Sabha that there has been 50 per cent cut in the budget for Integrated Child Development Services (ICDS) and other areas of her Ministry in the 2015-16 budget.

"The budget cut in the Ministry is like any other areas in the government. I and the Health Minister will meet the Finance Minister soon after the Parliament session is over and request him to enhance our budgetary allocation," she cited during question.

As Finance Minister Arun Jaitley was sitting in the House, opposition members demanded that he should make a statement on the budget cut of an important ministry which deals with welfare of children and women.

Gandhi sought ICDS scheme provides an integrated package of six services comprising of supplementary nutrition, pre-school non-formal education, nutrition and health education, immunisation, health check up and referral services.

However, Speaker Sumitra Mahajan did not pay any heed to the demand of the opposition members.

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Short window to declare overseas assets under black money law

The Union Cabinet last night approved the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015 with a view to put in place a legal framework to unearth black money and illicit assets stashed abroad.

It provides for a maximum of ten years rigorous imprisonment for offenders, who conceal income and assets and indulge in evasion in relation to foreign assets.
    
Under the provisions of the new Bill, the offence will be non-compoundable and the offenders will not be permitted to approach the Settlement Commission for resolution of disputes. There will also be a penalty at the rate of 300 percent of taxes on the concealed income and assets.
  
"The dates for declaring the overseas assets will be notified after the passage of the bill on the black money by Parliament," a senior Finance Ministry official said on Wednesday.
  
The assesses will be given a few months time to declare their overseas assets, the official said, adding the bill would also provide for a rigorous jail term of 10 years for concealment of such income. The proposal to come out with a new law on the black money was mooted by Finance Minister Arun Jaitley in his budget speech.

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Sharp rise in bad loans; banks taking action: Government

"It is normal for the banks to have 2-3 per cent of NPA (Non-Performing Assets). But in the last 2-3 years the NPA has been increased substantially and gone up to 6 per cent... Stress assets have also been increased," he said during the Question Hour.
 
Jaitley said actions against those who have failed to repay the loan amount have been initiated under various provisions of law - including under Indian Penal Code and and civil laws.
 
To a question on action taken against promoters of Kingfisher Airlines for having huge outstanding loans, he said banks are dealing with all defaulters as per law and actions have been taken that include declaring the promoters and directors as willful defaulters that barred them to obtain loan from any bank in future and auction mortgaged property.
 
Jaitley said there are people and companies who are under stress due to the economic slow down in last 2-3 years and in such cases banks allow the companies to restructure the loan repayment process to give them relief.
 
He, however, said, there are people and companies whose intention is not good and who do not want to repay the outstanding amount to banks. In such cases, the banks take proper action as per law.
 
The minister said the SEBI Act has been amended recently with tough provisions and steps are being taken against those companies which cheat people in the name of chit funds.   

Under the amended law, the state governments can take action against those who cheat people while collecting money in the name of chit fund.
 
Police has full right to take action and many people are in jail for such crime," he said.

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