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Govt to push campaign against black money further

NEW DELHI: The govt has taken steps to curb technology of black cash in the true property sector to profit the center elegance, and can further speed up its marketing campaign towards ill-gotten wealth as a part of its commitment to a 'zero tolerance coverage' towards corruption, President Ram Nath Kovind.

The tasks of the government to test black cash include cancellation of registration of 3.50 lakh suspicious firms and signing of computerized monetary data change agreements with quite a lot of international locations, Kovind stated in his normal cope with to the joint sitting of the two homes of Parliament.

"My govt will make the zero tolerance coverage towards corruption extra comprehensive and effective. The venture to do away with corruption from public lifestyles and govt services and products will be carried out with higher zeal....

"The marketing campaign towards black cash will be taken ahead at a sooner tempo. During the closing two years, 4 lakh 25 thousand corporate administrators had been disqualified and the registration of 3 lakh 50 thousand suspicious firms has been revoked," he stated.

Kovind mentioned that the sector neighborhood too is supporting India's place in regards to motion to test technology of black cash.

Referring to actual property sector, Kovind stated the have an effect on of Real Estate Regulation Act (RERA) is "clearly visible" in curbing black money transactions in real estate sector and protecting the interests of the customers. It has provided "huge relief to the center elegance families".

The Fugitive and Economic Offenders Act, he stated, has confirmed effective in controlling financial offenders fleeing the country.

"Now we are receiving data on this regard from 146 international locations, including Switzerland. Of these, we've got concluded agreements with 80 international locations for computerized change of data. We are actually receiving information about all those who have stashed black cash abroad," Kovind added.

In August closing yr, Parliament enacted a regulation to discourage fugitive financial offenders to evade felony procedure in India by means of flee the country.

A fugitive financial wrongdoer is any individual towards whom warrant for arrest is issued for his involvement in select financial offences involving quantity of no less than Rs 100 crore or extra and has left India as a way to keep away from felony prosecution.

The new regulation allows designated special court docket to declare a person as fugitive financial wrongdoer and to confiscate his assets, including 'benami' ones.

The President also stated that the government is the usage of era to cut back human interface and take a look at corruption.

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