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Demonetisation "important, necessary" against corruption: US spokesperson

IANS  |  Washington 

Prime Minister Modi government's action to demonetise high value currency was "an important and necessary step" to crack down on "corruption and dodging," State Department Deputy Spokesperson Mark Toner has said.

The action was "designed to target illicit cash proceeds from corruption and dodging," Toner said at the Department's daily briefing on Wednesday in answer to a reporter's question.

The discontinuation of Rs 500 and Rs 1,000 notes was, "we believe, an important and necessary step to crack down on this - illegal actions or illicit actions," he said.

Toner did acknowledge that "it was an inconvenience" for Indians and Americans in India requiring "a little bit of adjustment".

He viewed the as part of a series of actions taken by the over the last two years to "reduce black market money".

"I think it also included a four-month amnesty for evaders in India, which resulted in, I think, the disclosure or declaration of billions of dollars in hidden assets," he said.

He was referring to the Modi government's Income Declaration Scheme earlier this year. It brought out Rs 65,250 crore (or about $9.6 billion) held by 64,275 people, according to Union Finance Minister Arun Jaitley.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Demonetisation "important, necessary" against corruption: US spokesperson

Prime Minister Narendra Modi government's action to demonetise high value currency was "an important and necessary step" to crack down on "corruption and tax dodging," State Department Deputy Spokesperson Mark Toner has said.

Prime Minister Modi government's action to demonetise high value currency was "an important and necessary step" to crack down on "corruption and dodging," State Department Deputy Spokesperson Mark Toner has said.

The action was "designed to target illicit cash proceeds from corruption and dodging," Toner said at the Department's daily briefing on Wednesday in answer to a reporter's question.

The discontinuation of Rs 500 and Rs 1,000 notes was, "we believe, an important and necessary step to crack down on this - illegal actions or illicit actions," he said.

Toner did acknowledge that "it was an inconvenience" for Indians and Americans in India requiring "a little bit of adjustment".

He viewed the as part of a series of actions taken by the over the last two years to "reduce black market money".

"I think it also included a four-month amnesty for evaders in India, which resulted in, I think, the disclosure or declaration of billions of dollars in hidden assets," he said.

He was referring to the Modi government's Income Declaration Scheme earlier this year. It brought out Rs 65,250 crore (or about $9.6 billion) held by 64,275 people, according to Union Finance Minister Arun Jaitley.

--IANS

al/in

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Demonetisation "important, necessary" against corruption: US spokesperson

Prime Minister Modi government's action to demonetise high value currency was "an important and necessary step" to crack down on "corruption and dodging," State Department Deputy Spokesperson Mark Toner has said.

The action was "designed to target illicit cash proceeds from corruption and dodging," Toner said at the Department's daily briefing on Wednesday in answer to a reporter's question.

The discontinuation of Rs 500 and Rs 1,000 notes was, "we believe, an important and necessary step to crack down on this - illegal actions or illicit actions," he said.

Toner did acknowledge that "it was an inconvenience" for Indians and Americans in India requiring "a little bit of adjustment".

He viewed the as part of a series of actions taken by the over the last two years to "reduce black market money".

"I think it also included a four-month amnesty for evaders in India, which resulted in, I think, the disclosure or declaration of billions of dollars in hidden assets," he said.

He was referring to the Modi government's Income Declaration Scheme earlier this year. It brought out Rs 65,250 crore (or about $9.6 billion) held by 64,275 people, according to Union Finance Minister Arun Jaitley.

--IANS

al/in

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22