FM also said that non-compliance of Tax laws ends up hitting larger public & national interests.
On Saturday, Finance Minister Arun Jaitley vowed to make an eg. of money launderers & tax evaders, saying that the penalizing powers of economic crime-fighting agency i.e. Enforcement Directorate (ED), should be used “expeditiously” in the cases of non-compliance.
Speaking at the Enforcement Directorate, he called on the agency to “strictly” enforce the law to help exchequer raise legitimate revenues.
He felt that non-compliance of tax laws has always hit the national interest & larger public & that’s why the Revenue dept. & Enforcement Directorate have a very imp. role to play.
Stating the govt has given citizens right to deal in foreign exchange with a sense of trust, he said that serious offence of money laundering & creation of shell companies to avoid taxes have become a “very standardized practice”.
He cautioned that the entire route through which money laundering takes place, “it’s matter of a few minutes to detect how the violation takes place”.
“Our target has to be to make sure India evolves from a developing to developed economy; from a tax non-compliant society to a highly-compliant society” he said.