Erabot hails demonetisation move
Source: The Sangai Express
Imphal, November 09 2016:
Ex-MLA Y Erabot who left Congress party and joined BJP recently has hailed the NDA Government's decision of invalidating Rs 500 and Rs 1000 notes with effect from last midnight.
Speaking to media persons today, Erabot said that Rs 1000 notes were once banned in 1960 when Indira Gandhi was the Prime Minister.
Terrorist organisations based in Pakistan and Bangladesh have been using fake Indian currency notes to fund their different anti-India activities, he alleged.
Black money deposited by Indian citizens in foreign banks always find their way to India.
Congress party was also aware of the scourge of black money for it was in power for a prolonged period.
But there was no law for recovering black money and punish those people who were stashing black money in foreign banks.
Nonetheless, soon after the BJP-led NDA came to power, the Undissolved Foreign Income and Asset (Imposition of Tax) Bill 2015 was passed by the Parliament on July 1, 2015 and it became an Act.
The Act has a provision which asks all concerned to bring back and surrender black money deposited in foreign banks within 90 days and the Government would deduct certain percentage if the black money is not brought back within the stipulated period.
It was also said that the Government would forfeit the black money stashed in foreign banks and punish the defaulters with fines if the money deposited in foreign banks were not surrendered before October 30, 2015 .
To implement these provisions, the Government signed an agreement called Multi Lateral Competent Authority with some countries.
Countries which have signed the agreement have access to data about the volume of money deposited in banks of other member countries by their own citizens as well as details of the individuals who deposited the money, Erabot said.
Subsequent upon signing the agreement, the Government has been able to bring back huge amounts of money stashed in foreign countries.
Now the Central Government would be able to check use of black money in Parliamentary and State Assembly elections.
For this bold initiative, the BJP-led NDA Government deserved appreciation, Erabot added.