Countering Opposition’s criticism over the compliance window to get black money from abroad, Finance Minister Arun Jaitley on Wednesday said his government’s new black or untaxed money scheme announced in the Budget last week is not an amnesty scheme as it has a penalty.” ICC World Twenty20 2016: Afghanistan vs Scotland, Group B 2nd T20 Match Live Cricket Scores & Ball by Ball commentary‘We have told people if any part of your income has not been assessed; pay 30 per cent tax on it and 50 per cent penalty. It is not an amnesty scheme it has a penalty,’ Jaitley said in the Rajya Sabha. ‘This is not an amnesty scheme. So when you make comments on government’s policies to get black money from abroad or compliance window and I would say, please check your track record,’ he described. ‘We are fighting a global economic crisis. You have been in power for a longer period than us. We need a cooperation of all political parties,’ he added. <!– /11440465/Dna_Article_Middle_300x250_BTF –>Jaitley further said that the biggest share of profit from oil price reduction was passed on to the consumers. ‘The profit from import of oil prices after the reduction in prices was divided into three parts. The biggest share was passed on to the consumers, and I have accounts to prove it. A second share was passed on to the oil distribution companies, who have both public and private shareholders. ‘ he said.Congress vice- president Rahul Gandhi has criticised the Narendra Modi government for failing to fulfil his poll promise of bringing the black money from foreign countries, saying it has launched a ‘fair and lovely’ scheme to convert black money into white. Speaking in the Lok Sabha, Gandhi said: “Nobody who has black money will be jailed under Modi’s fair and lovely scheme. All those who have black money can make it white under this scheme.””Modi ji had promised that he will put people with black money behind bars, now they have come up with way to save those people. I was shocked to see Finance Minister Arun Jaitley launching such scheme,” Rahul Gandhi said. Presenting the Budget 2016-17 in Parliament, the finance minister said he wanted to give an opportunity to earlier non-compliants to move to the category of compliants as he proposed a limited period compliance window for domestic tax payers to declare undisclosed income represented in any form of assets.One can clear up past transgression by paying tax at 30 per cent, a surcharge at 7.5 per cent, a penalty at 7.5 per cent which is total of 45 per cent of undisclosed income.Assam CM slams FM Jaitley’s ‘pro-capitalist’ agenda Assam Chief Minister Tarun Gogoi has termed Union Finance Minister Arun Jaitley’s statement asking states to reform to attract investment or perish as the “pro-capitalist” agenda of the BJP. “Arun Jaitley’s comment on the states to reform or perish is a clear reflection of the NDA Government’s pro-capitalist agenda,” Gogoi said in a statement. “Competition is healthy only when there is level playing field for everybody. However, Arun Jaitley’s stand on states only reveals his myopic view which has the undercurrent of creating regional disparities,” Gogoi said.Inaugurating an investor summit in Haryana , Jaitley had said, “Those who don’t reform, the people in those states are going to be at a disadvantageous position and those who are in a position to offer a more favourable economic, business and political environment to investors, certainly those are states that are going to win. Reform or Perish couldn’t be more true than it is today.” If a landlocked region like North East is left to compete with bigger states like Gujarat and Maharashtra, a sense of disparity will overpower the Region because of its want of a matching business environment, he said. Such comments would disturb creation of jobs and give rise to resentment among the youths which has been one of the major causes of insurgency in Assam, Gogoi said. Jaitley’s comment reflects his ‘insensitivity’ to the people of North East and the Centre’s ‘neglect’ to the region will only alienate the people of the region further, he said.”If Jaitley’s wish list is allowed to be materialised, it will lead to market economy and will prove to be doom for the people of North East who are economically poor and backward”, the senior Congress leader said. “Moreover, Jaitley’s statement is an indication of the NDA Government’s transition from cooperative federalism to competitive federalism”, he asserted. To bring Assam and other North Eastern states to the growth trajectory and bolster its business environment, he said the Congress-led UPA Government had introduced North East Industrial and Investment Promotion Policy (NEIIPP). However, the NDA government has suspended NEIIPP, serving a blow to the development of Assam and other North Eastern states, the Chief Minister claimed. “Assam and other Northeastern states need more incentives to set up more Central sector industries to give a boost to its local and natural resources,” he said.

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Not an Amnesty scheme: Arun Jaitley counters Rahul’s ‘fair and lovely’ jibe about black money