Chidambaram Warns Of Action Against Black Money Holders

The government will sternly deal with those who have black money and prosecute the persons found possessing unaccounted wealth after the voluntary disclosure of income scheme (VDIS) ends on December 31, finance minister P Chidambaram stated in the Lok Sabha yesterday.

Responding to supplementaries during question hour on the progress made by the new scheme, he categorically stated that persons charged under Fera, Cofeposa, Prevention of Corruption Act or other related laws, could not enjoy immunity under the VDIS scheme.

The minister said government would reveal the number of persons who had volunteered to disclose their unaccounted wealth under VDIS after its December 31 deadline.

After this period, anyone found possessing unaccounted wealth would be liable to be taxed at 60 per cent interest besides facing penalty and prosecution, he warned.

Bill on cotton: The government introduced a bill in the Lok Sabha seeking to repeal the Cotton Ginning and Pressing Factories Act, 1925 in an attempt to provide a thrust to the modernsiation efforts in the cotton sector.

The bill, introduced by textiles minister R L Jalappa, said in the present liberalised economic scenario, the restrictions laid down in the present act are no longer needed.

The Cotton Control Order, 1986, issued under the Essential Commodities Act, 1955 would cover provisions considered essential to regulate working of ginning and pressing factories in future as long as cotton remained an essential commodity it said.

In the market driven economy needing quality products, modernisation of ginning and pressig factories is essential, it said, adding this would ensure quality processing of cotton and charging remunerative price for the service provided for.

Bill to protect out-of-turn allottees: A bill was introduced in the Lok Sabha to protect the out-of-turn allottees against eviction from their official houses on humanitarian grounds.

The Out-of-turn Allotment of Government Residences (Validation) Bill would not protect those involved in sub-letting, obtaining such allotments through misrepresentation of facts and by fraudulent means or where such allotment was of higher type than the entitlement of the allottee.

The out-of-turn allottees, however, are required to pay enhanced licence fee, including arrears, as directed by the Supreme Court.

The bill was introduced by urban affairs minister D U Venkateswarlu.