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CII president for Amnesty scheme, strict action on blackmoney

New CII president B Muthuraman on Wednesday said an amnesty scheme for unearthing black money is feasible provided the government gives a strong message that those not declaring this type of funds will go to jail.



New Delhi: New CII president B Muthuraman
on Wednesday said an amnesty scheme for unearthing black money is
feasible provided the government gives a strong message that
those not declaring this type of funds will go to jail.

"It (An amnesty scheme) is feasible, provided you have a
very strong stick after that. Anyone who will not declare will
go behind bars...," Muthuraman told agency.
He said unless the message is sent out that the
government would wield this kind of a stick, the amnesty
scheme would not work.

It should also be made clear to those with black money
that "there is no second chance" for them.

Muthuraman, who is also Vice Chairman of Tata Steel, had
earlier expressed concern over a spate of scams and
allegations of corruption in public life.

According to some estimates, Indian wealth in Swiss
banks and other offshore tax havens could be between USD 500
billion and USD 1.4 trillion (more than the size of the Indian
economy).

The government had in 1997 announced an amnesty scheme
called Voluntary Disclosure of Income Scheme (VDIS) to unearth
blackmoney.

In his media presentation, Muthuraman had said that the
CII would press for removal of discretionary powers of
government functionaries often "misused".
Muthuraman said the "misuse of discretion and
standards, lack of transparent rules and procedures and lack
of transparency in public procurement are the key challenges
for governance".

The CII would initiate an action programme for removal of
discretionary powers, particularly in allotment of natural
resources, he said.

Further, he said there was nothing wrong in corporates
hiring lobbying firms, provided they work within laws and in
a professional manner.

"(Even) CII is a lobby group. It is a lobby group for
industry associations...there is nothing wrong in it,"
Muthuraman said.

PTI

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