Measures to curb black money
Posted on: 25/Jun/2015 11:33:29 AM
Union Finance Minister Arun Jaitley has announced that the government will soon make a PAN number mandatory for cash transactions above a certain limit.
Speaking from San Francisco, Mr. Jaitley said that citing PAN details will be made compulsory for transactions above Rs. 20,000 for property deals. He said that he has been approached by many people about the large amounts of black money that float in the property industry.
Mr. Jaitley also said that a strict law against tax evaders will be announced soon and will be in effect from April 1, 2016. �The same set of people who would get up and say take action against black money would now say this is too draconian. But this is one law, which I am not going to relent neither will the PM. The government is in the process of putting in place a compliance window for those with undeclared assets abroad to come clean by paying the penalty�, he said.
