#Budget2019 War On Black Money: Rs 1.30 Lakh Crore Undisclosed Income Uncovered; 3.38 Lakh Shell Companies De-Registered

Interim Finance Minister Piyush Goyal, while addressing parliamentarians in the Lok Sabha during his budget speech, spoke of the current NDA government’s commitment to combating the menace of black money.

Finance Minister stated that around Rs 3 lakh crore already recovered in favour of banks and creditors and while previously only small borrowers were subject to the recovery, even big defaulters were not spared by the current NDA-led government.

Goyal revealed that measures taken by the centre to combat black money had enabled the uncovering of Rs 1.30 lakh crore of undisclosed income in the last few years.

The finance minister also mentioned how 3.38 lakh shell companies have been de-registered under the present government as part of its drive to combat the evil of black money.

It was one of the main promise planks on which the BJP and its allies came to power in 2014 was to tackle the issues of corruption and black money hoarding.

The government also passed Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015; The Fugitive Economic Offenders Act, 2018 to curb the menace of black money, along with taking a pro-active approach in identifying and punishing shell companies engaged in illegal activities, exposed in the aftermath of demonetisation.

The government’s push on digitisation has also created necessary infrastructure for more transparent, accountable and better quality public service delivery, which reduces human interface and opportunities for corruption.