Union Budget elaborates govt.'s position on black money: PM Modi

Prime Minister Narendra Modi on Saturday said the Union Budget for fiscal 2015-16 has elaborated the government's position on black money and commitment to tackle it head on.

"In this budget, we have elaborated the government's position on black money and commitment to tackle it head on. I wish to firmly state that those involved in black money transactions will have no other place to go except to jail," Prime Minister Modi said.

We are planning to introduce a new law, and we have through today's budget, given a detailed plan on how we are going to counter this menace," he added.

Prime Minister Modi said the government also has plans to tackle the 'Benami' transactions.

"There must also be entities where we can invest provision of the budget. We have to strengthen ourselves economically. This budget is investment oriented. We have to give a fillip to the infrastructure sector and fulfill the dreams of people in our society. I can say with certainty that this budget is job oriented," he added.

Prime Minister Modi further said the Union Budget presented by Finance Minister Arun Jaitley in the Lok Sabha is a road map for fulfilling the aspirations of all sections of the society.

"This is a pro-poor, pro-growth budget that has committed to fulfill general and financial aspirations of the underprivileged sections of the society. The objective has been to address the needs of the states and to give the national objectives the required strength," said Prime Minister Modi.

"We have heard about the MNREGA from various platforms. Now, for the first time the poor in villages get both employment and food through the additional financial allocation provided in this budget," he added.

Prime Minister Modi said the government has come out with a special financial scheme for small traders and roadside vendors in this budget.

"In the past, this section of society often found itself in financial difficulties, and banks more often than not, refused to entertain their requests for fiscal assistance to keep their business afloat," he added.