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Transaction through tax evaded money no longer easy: Arun Jaitey

Finance Minister Arun Jaitley on Tuesday said post-demonetisation cash transaction through tax-evaded money is no longer easy as detection has become very easy, thanks to digitisation.

business Updated: May 16, 2017 18:53 IST
Arun jaitley

Finance minister Arun Jaitley addressing a press conference at his office in New Delhi.(PTI)

Finance Minister Arun Jaitley on Tuesday said post-demonetisation cash transaction through tax-evaded money is no longer easy as detection has become very easy, thanks to digitisation.

“After demonetisation, following the various steps taken by Central Bureau of Direct Tax, money from tax evasion is not safe. Detection has become very easy. Technology is a big enabler. From various cross-references it can be found out how money has moved. Those who have been indulging in all these are no longer fine,” Jaitley said.

He was addressing media at the inauguration of cleanmoney.gov.in portal. It is aimed to provide more comfort to the tax-compliant public.

The minister said there are three features that have emerged post-demonetisation. Firstly, the digitisation of transaction, secondly increase in the number of assessees and the quantum of tax receipts and finally there is huge fear of dealing in cash.