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Friday, July 15, 2011

BLACK MONEY: President for fighting black money war domestically and overseas!

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Pratibha Patil for fighting black money war domestically and overseas  - Reuters photo
Pratibha Patil for fighting black money war domestically and overseas - Reuters photo.

Amid growing concern over the problem of black money, President Pratibha Patil today 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 black money 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".


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