Finance Minister Arun Jaitley, who is presenting the Union Budget for fiscal 2015-16 in the Lok Sabha , on Saturday proposed to enact a comprehensive new law on black money to bring back black money stashed abroad.
The highlights are as follows:
The problem of poverty and inequity cannot be eliminated unless generation of black money is dealt with effectively.
Budget Estimates of Expenditure: 17 .77 lakh crore, of which Non Plan is 13.12 lakh crores, and Plan is 4.65 lakh crores.
For strengthening information collection from various sources, a new structure has been put in place.
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Propose to enact a comprehensive new law on black money to bring back black money stashed abroad.
This will enable seamless integration of data and effective enforcement.
PAN number quoting made compulsory for transactions for more than one lakh.
