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Business EconomyPosted at: Mar 1 2015 2:24PM


Assocham voices concern over proposed black money law

New Delhi, March 1 (UNI) Lending India Inc's full support to the government's measures to end the black money menace, ASSOCHAM today said the issue should be approached in a logical way to ensure that the proposed legislation on concealment on foreign assets not misused by the tax authorities. 'They should not be left to interpretation. Every minute detail should be written in the statute-otherwise, the amendments in FEMA may lead it back to the draconian days of FERA,\\" D S Rawat, ASSOCHAM Secretary General said. He said while the Finance Minister Arun Jaitley's announcement that the government would bring in Bills on Foreign Assets and Benami transactions are welcome moves, the proposed bills should be well debated in public domain, top experts in civil and criminal jurisprudence with knowledge of the national and international laws should be consulted. The stakeholders' consultations should be wide enough. \\" It should not so happen that we go in over-kill and the news laws themselves become a main source of corruption...That danger could be real,\\" Mr Rawat said. UNI ABI ASH SB GC1420
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