Naidu terms Bankruptcy bill as "game-changer" in reforms

Union Minister M Venkaiah Naidu today termed the Bankruptcy bill passed in Parliament as a "game changer" and said government has brought economic reforms to help chase down black money and bring transparency in financial sector.
He said the end of the Mauritius route is the way forward to chase down black money and shell companies now no longer take advantage of Double Taxation Avoidence Agreements (DTAA).
Naidu also described Prime Minister Narendra Modi as the "real reformer" for bringing such economic reforms in the country.
"Ending of the Mauritius route is the way forward to chase down black money and get transparency in financial sector. Shell companies can no longer take advantage of the Double Taxation Avoidence Agreements (DTAA). Modi the real reformer," he said in a series of tweets.

He also said the Bankruptcy bill was "one of the big economic reforms and a game-changer and that history has been created with its passage."
"Extremely happy as bankruptcy bill is passed by both d Houses. History has been created. It will build fine and faster resolution mechanism.

The Rajya Sabha yesterday passed the Insolvency and Bankruptcy Code Bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. The Lok Sabha had passed it on May 5.
There should be separate queues for senior citizens and
women at the banks for depositing or exchanging the money, Naidu said.

"We constituted a special investigating team headed by a retired Supreme Court judge to bring large amounts of black money stashed abroad and to effectively deal with undisclosed income. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, came into effect on July 1, 2015," he said, talking about NDA government's measures to unearth the black money.
Other measures included constitution of Multi-Agency Group into Panama Paper leaks, joining global efforts to combat tax evasion and black money by signing Multilateral Competent Authority Agreement in respect of Automatic Exchange of Information (AEIO) and having an information sharing arrangement with the US under its Foreign Account Tax Compliance Act (FATCA), he said.

India entered into Double Taxation Avoidance Agreements (DTAAs) with several countries, including tax havens like Mauritius and Cyprus and an Automatic Exchange of Information Agreement was also negotiated with Switzerland to clamp down on black money, Naidu said.
Demonetisation would provide a fillip to formal economy, improve tax collection, open up opportunities for poor and middle classes, badly hit funding for arms smuggling, espionage and terrorism, put an end to large circulation of counterfeit currency, result in reducing inflation and bring down the real estate prices and bring higher education and healthcare within the reach of people, he said.
Downplaying the statement of Uddhav Thackeray, chief of BJP's ally Shiv Sena, who said that demonetisation was leading to "torture" of people and Modi should first target the Swiss banks to bring back the black money, Naidu said it could be Uddhav's personal assessment, but the countrymen were rejoicing.

(Reopens BOM35)
Dispelling people's fears about demonetisation, Naidu said that those who have earned money with just means need not worry, as they can exchange their old currency notes at banks and post offices.
"Do not panic. Your notes are not invalid. You can exchange them over period of next 50 days till December 30. Only corrupt, black money holders, money launderers, terrorists and their sympathisers need to worry."
Taking a swipe at the media, Naidu said it was not fair for the TV news channels to only harp on inconveniences caused by demonetisation, without explaining its real economic benefit.

The bold move of the government had been hailed by all, except some vested interests, he said.