Officials rule out amnesty for black money transaction

March 1st, 2011

The Hindu

NEW DELHI – While the Union budget disappointed those hoping for an amnesty scheme for black money transactions, top North Block officials virtually ruled out any such plan in the future.

At their customary post-budget news conference, the officials, led by Finance Secretary Sushma Nath, cited three reasons for not considering the scheme as such a good idea. First, the returns from such initiatives had been modest historically. Second, international anti-money laundering bodies frowned on granting amnesty to defaulters. And third, the government was taking measures to improve intelligence on trans-national money flows.

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