UP industry suggests amnesty for black money

The industry in Uttar Pradesh has suggested an amnesty scheme for unaccounted/black money stashed in foreign banks.

The state chapter of the Assocham has suggested that the Centre could consider regularising unaccounted money in foreign banks by charging an amnesty tax of 30-50 per cent with some relief for investments in the agricultural/infrastructure projects.

Assocham state secretary general S B Agrawal said a pre-budget memorandum had already been sent to the union finance ministry.

Besides, the chamber has, in the letter to minister Pranab Mukherjee, sought a special package for Bundelkhand and Poorvanchal, easing of personal tax slabs and a slash in the corporate tax rate from 30 per cent to 25 per cent besides the abolition of corporate surcharge & education cess.

It also suggested allowing the expenditure on Corporate Social Responsibility as an admissible expenditure to the extent of 2 per cent of total income. The chamber termed it “vital” to have a control on the fiscal deficit so as to arrest an inflationary trend. It also wanted agriculture to be given the status of industry.