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FM Harder Days for those Involved in Illegal and Illicit Transfer of Money Across the Border; Various Steps Taken by the Present Government to Squeeze the Black Money Including Undisclosed Assets Within and Outside the Country

Dated:- 1-5-2015 - The Union Finance Minister Shri Arun Jaitley said that it will be harder days for those who indulge in illegal and illicit transfer of money across the border. He said that world is moving towards transparent regime making it difficult to hide an illicit transfer of money through internet or other modes. The Finance Minister said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international fo .....

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s for incentivising people to abide by laws and avoid evasion of taxes etc. Earlier speaking on the occasion, Shri Shaktikanta Das, Revenue Secretary said that there are huge challenges before the Enforcement Directorate. He mentioned about three major challenges especially with regard to black money including Hawala transactions through trade based money laundering, accommodation entry cases through fake companies and Ponzi schemes. He said that there is now better coordination and sharing of i .....

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lved in illegal activities. He said that Revenue Department is open for training of officers of the Directorate to upgrade their skills and learn about various new innovative techniques to meet these challenges. Earlier, in his Opening Remarks, Dr. Rajan Katoch, Director of the Enforcement Directorate said that this Directorate enforces the provisions of two special laws i.e. Foreign Exchange Management Act (FEMA),1999 and Prevention of Money Laundering Act (PMLA), 2002. He said that the Directo .....

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