FM: India to join global group against slush funds

In a move to bring back black money, finance minister Arun Jaitley said India would soon become a part of an international consortium focussed on automatic transfer of information which would in turn help the government gain access to foreign accounts of Indian residents.

In a move to bring back black money, finance minister Arun Jaitley said India would soon become a part of an international consortium focussed on automatic transfer of information which would in turn help the government gain access to foreign accounts of Indian residents.

Jaitley was addressing the first meeting of the Parliamentary Consultative Committee to discuss suggestions for the budget, on Monday.

He said the overall economic situation of the country looked better with the basic parameters moving in the right direction.

According to an official statement, suggestions included increasing allocation for the judicial sector to set up fast track courts to clear heavy back log, abolition of differential import tax on end-use basis as this leads to misuse and corruption, broadening the tax base and imposing small tax at flat rate on everyone including small businessmen so that everybody is a stakeholder in the country’s development.