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FM promised a reasonable compliance window under black money law

Today the Finance Minister Arun Jaitely promised a “reasonable compliance window” under the new black money law.

“…a very reasonable compliance window would come for those who indulged in misadventure in the past,” the Finance Minister said.

“If some reasonableness is required, the government or Parliament or the legislature will be open to reasonable suggestions which will be welcomed in these matters.”

Further the Finance Minister said that it would be difficult for anyone to hide foreign assets because of the efforts made by the US and organisations like G-20 to deal with black money.

“Over the next 2-3 years, G-20 initiative for automatic exchange of information is going to take shape. India is going to become a signatory to the US law FATCA, and thereafter not only the US, other countries inter-se would also be discharging their obligation to each other.

“…the disconnect from the past will surely come… rather than wait for that opportunity where people run into trouble and then say targeting undeclared, undisclosed income or assets abroad is terrorism, it would be in everybody’s interest that the rule of law is complied with,” Arun Jaitley said.

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