No amnesty scheme for bringing back black money: Moily

Last Updated: Friday, February 10, 2012 - 23:38

Bangalore: The government on Friday said an
amnesty scheme for bringing back black money is not on the
cards though it is working on regulatory mechanisms to
eliminate its root cause in the face of "lots of legal
impediments" to target those funds stashed abroad.

Asked if there is a move for an amnesty scheme to bring
back black money, Union Corporate Affairs Minister M Veerappa
Moily said, "Whether the amnesty scheme will bring back the
money or it`s healthy for a country is a matter still under
debate."

There are methods such as double taxation and "many other
channels", he said.

"Now, we got back the money," he said without
elaborating.

"In fact, the present measures taken by the Finance
Minister is helping us (to have go at black money).

Ultimately, they (the measures) will also dissuade the black
money being augmented.

"Amnesty scheme is not the only answer," he said and
stressed that in practical terms, one has to eliminate the
root cause of black money, whose generation would have to be
eliminated.

He said the government is working on many systems,
including regulatory mechanisms to ensure that such money is
not only got back but they are not generated.

"We are towards that. Not exactly how we can get that
money back. There are legal impediments (to get the black
money back from overseas). Law of our country may not be in
consonance with some of the respective countries. So, getting
the money back is not an easy thing," Moily said.

"There are lots of legal impediments," he said.

PTI



First Published: Friday, February 10, 2012 - 21:40

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