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Blackmoney issue needs to be addressed: Prez

President Pratibha Patil said that the war against blackmoney has to be addressed both domestically and through cross-border measures.



New Delhi: Amid growing concern over the problem of blackmoney, President Pratibha Patil on Friday said the war against the menace should be fought through domestic and cross-border measures.

The President, while addressing the concluding ceremony of celebrations for 150 years of the Income Tax Department, also made a strong case for tightening laws to book tax evaders.

"The war against blackmoney has to be addressed both domestically and through cross border measures," she said, adding the efforts to enhance global cooperation need to continue.

"There has to be continued (cooperation) through appropriate agreement on tax information exchange, and on mutual cooperation between countries to track down evaders taking shelter in other jurisdictions", she said.

On the domestic front, Patil said: "Fostering of an environment of voluntary compliance will help. There is also need for putting in place measures, through laws and procedures, to ensure that recalcitrant tax evaders are brought to book".

It may be recalled the government has taken various initiatives to deal with the menace of black money and has set up several committees to ascertain the extent of blackmoney and suggest measures to tighten tax laws.

On the international front, the government has been taking a pro-active role at global forums especially G-20, revising bilateral tax treaties and signing new pacts with tax havens or low tax jurisdictions.

PTI

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