05 May, New Delhi
Finance Minister Arun Jaitley has said that notices have been issued to every person whose name came up in the Panama Papers leak and action will be taken as per the law if they are found guilty.
The Panama Papers leak named around 500 Indians including some who have offshore companies and have stashed wealth in tax heaven countries. Jaitley reiterated centre’s commitment to bring black money back and said it has taken many steps in this direction.
Replying to the debate on Finance Bill 2016 in the Lok Sabha today, Jaitley said, good monsoon will aid in accelerating economic growth and improve rural demand.
The minister further said, the country has the potential to grow faster than 7.6 percent. Saying India is one of the fastest growing economies of the world, the finance minister however said the situation of global economy remains worrisome.
On the NPAs in the banking sector, Jaitley said government is addressing the problem. He also advised NPAs should be honestly reflected in the balance sheet. The finance minister said the government is making efforts to increase jobs in the country.
Jaitley said the government provided much relief to certain sectors including housing in this year’s budget. The finance minister said in the last three budgets, efforts were made so that small taxpayers should have enough money in their hands.
Jaitley has ruled out withdrawal of one per cent excise duty on gold jewellery. He also ruled out bringing agriculture income under the tax net, saying large farm-based income is rare. He said, people using agriculture as front to hide income from other sources would be dealt with tax authorities.
While the Finance Minister was about to conclude his reply on the Finance Bill, Biju Janata Dal members staged a walkout on the centre’s stand on Polavaram issue.
Later the House passed the Finance Bill. It has been transmitted to Rajya Sabha. After being returned from the Upper House to the Lok Sabha, the Budgetary exercise will complete.