No commitment from Centre to bring back black money: AAP

No commitment from Centre to bring back black money: AAP

The Aam Aadmi Party has criticised the Union Budget for not putting a lid on Participatory Notes, through which black money is being masked and pushed into Indian stock markets.

Participatory Notes are issued to overseas investors who want to put money in Indian stock markets without registering themselves with the regulator, such as the Securities and Exchange Board of India.

Under the AAP scanner were announcements on black money, social schemes, Goods and Services Tax and Nirbhaya fund.

While the party welcomed the National Democratic Alliance (NDA) government’s decision to seize undeclared black money abroad, it said the Centre has failed to show commitment on its promise of bringing back black money stashed in foreign countries.

On Finance Minister Arun Jaitley’s announcement of 10-year imprisonment for hiding foreign assets, Arvind Kejriwal-led party said it will be interesting to see how soon the government bring in this law, and how effectively it implements it.

The party slammed the FM for making “huge” cuts in central social schemes.
In a press statement, the AAP said, “The expenditure on Sarva Shiksha Abhiyaan has gone from Rs 28,000 crore to Rs 22,000 crore, the Integrated Child Development Scheme has gone from Rs 16,000 crore to Rs 8,000 crore and the Midday Meal Scheme from Rs 13,000 crore to Rs 9,000 crore.”

‘Taken our ideas’

The party took the opportunity to pat itself on the back and said the Narendra Modi-led government has incorporated ideas and proposals from Aam Aadmi Party’s manifesto for the recently concluded Delhi Assembly polls.

It said the FM’s announcement on setting up of incubator spaces for startups and setting up 6 crore toilets across the country reflects AAP’s vision.

Jaitley’s announcement to implement GST by next year drew sharp reaction from the party.

The AAP said the Modi government has put simplified tax regime on the back burner.
The AAP welcomed additional allocation of Rs 1,00 crore to the Nirbhaya fund but claimed that the money earmarked for the fund in the last budget has been lying vacant.

“The PMO itself stopped the directive to create one-stop crisis centre for women,” the party said in the statement.