Govt to push campaign against black money at faster pace: President Ram Nath Kovind

The government has taken steps to curb generation of black money in the real estate sector to benefit the middle class, and will further speed up its campaign against ill-gotten wealth as part of its commitment to a 'zero tolerance policy' against corruption, President Ram Nath Kovind

Press Trust of India June 20, 2019 14:32:40 IST
Govt to push campaign against black money at faster pace: President Ram Nath Kovind
  • The initiatives of the government to check black money include cancellation of registration of 3.50 lakh suspicious companies and signing of automatic financial information exchange agreements with various countries, Kovind said in his customary address to the joint sitting of the two houses of Parliament

  • Kovind stated that the world community too is supporting India's position with regard to action to check the generation of black money

  • The Fugitive and Economic Offenders Act, he said, has proven effective in controlling economic offenders fleeing the country

New Delhi: The government has taken steps to curb generation of black money in the real estate sector to benefit the middle class, and will further speed up its campaign against ill-gotten wealth as part of its commitment to a 'zero tolerance policy' against corruption, President Ram Nath Kovind.

The initiatives of the government to check black money include cancellation of registration of 3.50 lakh suspicious companies and signing of automatic financial information exchange agreements with various countries, Kovind said in his customary address to the joint sitting of the two houses of Parliament.

"My government will make the zero-tolerance policy against corruption more comprehensive and effective. The mission to eliminate corruption from public life and government services will be implemented with greater zeal....

"The campaign against black money will be taken forward at a faster pace. During the last two years, 4 lakh 25 thousand company directors have been disqualified and the registration of 3 lakh 50 thousand suspicious companies has been revoked," he said.

Govt to push campaign against black money at faster pace President Ram Nath Kovind

File image of President Ram Nath Kovind. PTI

Kovind stated that the world community too is supporting India's position with regard to action to check the generation of black money.

Referring to real estate sector, Kovind said the impact of Real Estate Regulation Act (RERA) is "clearly visible" in curbing black money transactions in real estate sector and protecting the interests of the customers. It has provided "a huge relief to the middle-class families".

The Fugitive and Economic Offenders Act, he said, has proven effective in controlling economic offenders fleeing the country.

"Now we are receiving information in this regard from 146 countries, including Switzerland. Of these, we have concluded agreements with 80 countries for automatic exchange of information. We are now receiving information about all those who have stashed black money abroad," Kovind added.

In August last year, Parliament enacted a law to deter fugitive economic offenders to evade legal process in India by fleeing the country.

A fugitive economic offender is any individual against whom warrant for arrest is issued for his involvement in select economic offences involving the amount of at least Rs 100 crore or more and has left India so as to avoid criminal prosecution.

The new law allows designated special court to declare a person as a fugitive economic offender and to confiscate his property, including 'benami' ones.

The President also said that the government is using technology to reduce human interface and check corruption.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Bill to reduce MP/minister salaries passed in Lok Sabha: A look at how much these cuts will help
India

Bill to reduce MP/minister salaries passed in Lok Sabha: A look at how much these cuts will help

The proposed reduction to the salaries and allowances of MPs and ministers amounts to savings of around Rs 54 crore.

At least 30 MPs and over 50 Parliament employees have tested positive for COVID-19 so far, say sources
India

At least 30 MPs and over 50 Parliament employees have tested positive for COVID-19 so far, say sources

The infected MPs include BJP MPs Meenakshi Lekhi, Suresh Angadi, Ram Shankar Katheria, and Parvesh Sahib Singh

Parliament's Monsoon Session to kick off under COVID-19 shadow; MPs must provide negative test certificate
India

Parliament's Monsoon Session to kick off under COVID-19 shadow; MPs must provide negative test certificate

Rajya Sabha will convene in the morning from 9 am to 1 pm and Lok Sabha will sit from 3 pm to 7 pm, as part of the precautionary measures