Bulk of black money is still in India

Telangana99.com: NEW DELHI: Finance minister Arun Jaitley on Sunday said that bulk of black money is still within India and warned that those who did not declare overseas black money during compliance window will face the consequences.

“The bulk of black money is still within India. We thus need a change in national attitude where plastic currency becomes the norm and cash an exception. Being seized of this problem, the Government has been working with various authorities in order to incentivise this change,” Jaitley said.

The opening of a large number of payment gateways, internet banking, payment banks and the emerging reality of e-commerce will prompt the use of banking transactions and plastic money rise significantly, Arun Jaitley said in his Facebook post.

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