Government working towards tracking invisible money: Jaitley

RSTV Bureau

Finance Minister Arun Jaitley on Saturday said that the government was actively working towards providing a system of clean political funding.

Jaitley expressed hope that political system would get funded with “cleaner money” in the coming days. He was addressing the 7th edition of Delhi Economics Conclave 2017 “When we deal with the subject of how the political system will be funded, we hope through cleaner money in future. We are actively working on this. Generation of cash has become difficult since demonetisation,” Jaitley said. Demonetisations coupled with the implementation of Goods and Services Tax (GST) regime will help towards the objective by creating greater compliance and increasing digitisation, the Finance Minister said. “Signs of increasing digitisation are already visible through expansion of direct and indirect taxpayer base,” he added.

Outlining the significant steps taken by Modi government Jaitley said that legislative change to penalise parking unaccounted funds outside the country was the first step.

“One easy format was shell companies. The standard operating procedure was to use the Benami and shell companies route to take monies abroad and indulge in round tripping of tax avoided money. The sooner this business of routing the money through Shell companies is collapsed, the better it is for the formal economy,” Jaitley said.