Black money: New CII chief for amnesty scheme

New Confederation of Indian Industry (CII) president B Muthuraman on Monday said the industry chamber will press for removal of discretionary powers of the government and favoured a fresh immunity scheme to tax offenders to unearth black money.

New Confederation of Indian Industry (CII) president B Muthuraman on Monday said the industry chamber will press for removal of discretionary powers of the government and favoured a fresh immunity scheme to tax offenders to unearth black money.

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“Misuse of discretion and standards, lack of transparent procedures and lack of transparency in public procurement are key challenges for governance. We need to carry out police, judicial and electoral financing reforms,” said Muthuraman, who is also vice chairman of Tata Steel.

The CII has set up a task force on integrity and transparency in governance to initiate an action programme for transparency, independent regulation and removal of discretionary powers in allotment of natural resources.

“If the fruits of growth have to translate into the creation of an inclusive development model for India, the quality of governance cannot be neglected,” he said.

The “CII is of the view that there is a need for an amnesty scheme ...If somebody does not declare (black money) you must punish,” he said. “This is one issue which has to be solved.”