Govt doing everything on black money issue

The government is determined to take all possible steps to stop generation of black money, both domestically and globally, President Pranab Mukherjee told a joint sitting of Parliament on Monday.

The measures include putting in place robust legislative and administrative frameworks and systems with due focus on capacity building, integration of information through technology and fast-tracking prosecution, Mukherjee said.

India has sought cooperation from a number of countries, including Switzerland, in cases related to suspected black money.

Global giant HSBC, which is facing a multi-national probe for tax evasion, money laundering and unlawful cross-border banking solicitation, has been served summons by the Indian Tax department.

On the initiatives taken by the Centre, the President said, India’s economy is again on a high trajectory of growth due to sustained government effort.

“Our GDP is growing at 7.4 per cent, which makes India the fastest growing large economy in the world. The decisive measures taken by the government have helped lower the inflation to a record low,” he said.

The President said the government has taken several steps to improve ease of doing business, end financial untouchability and contain inflation to stimulate the economy.