ED should use penalising power expeditiously: Jaitley

Source: The Hitavada      Date: 30 Apr 2017 09:22:32


FINANCE Minister Arun Jaitley on Saturday vowed to make an example of money launderers and tax evaders, saying penalising powers of economic crime-fighting agency ED should be used “expeditiously” in cases of non- compliance.
Speaking at the Enforcement Day here, he called on the agency to “strictly” enforce law to help the exchequer raise
legitimate revenue.

He felt that non-compliance of tax laws has always hit the larger public and national interest.
“And that is why the revenue department and the ED have a very important role to play,” he emphasised. “There is an expectation of compliance and in the event of non-compliance, there is the power of penalising that the ED has. This power has to be expeditiously used whenever violations are detected.”

Stating that the Government has given citizens the right to deal in foreign exchange with a sense of trust, he said serious offence of money laundering, including using hawala channels, flight of capital out of the country, round tripping of funds and creation of shell companies to avoid taxes have become a “very standardised practice”.

Jaitley said these violations are not difficult to detect and scrutiny of filing with registrar of companies can also lead to the detection.