Zee Media Bureau
New Delhi: Prime Minister Narendra Modi on Saturday said that stringent provisions on black money law will not be diluted despite pressure from all counters.
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Addressing the nation on the occasion of 69th Independence Day celebrations at Red Fort, PM said that some people are worried about tough law on black money which has ensured that nobody dares to take it out of the country.
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Making the first disclosure on black money Modi said that Rs 6500 crores have been disclosed under compliance window of black money and foreign assets law.
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Modi said that sometimes we have to take injections and medicines despite caring about the side effects of the same. “When the illness is dangerous, an injection is given, there could be side effects. But this is the cure,” he said on black money law.
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On the issue of black money we took a lot of steps within such a short time, we formed a SIT under SC's guidance the day we took over, he added.
The government recently notified the three-month compliance window beginning July 1. The tax and penalty on such declared assets or funds can be paid till December 31.
Those availing the one-time 'compliance window' would be required to pay a tax of 30 percent and a penalty of a similar amount.
The compliance window is part of the new anti-black money law that was passed by Parliament in May and notified on May 26 after the President's assent.
With Agency Inputs
