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India receiving info about black money: Prez

India receiving info about black money: Prez

New Delhi, Jun 20 (UNI) India has signed pacts with 80 countries for automatic exchange of information and is now receiving information about all those who have stashed black money abroad, President Ram Nath Kovind said on Thursday.

The President in an address to the joint sitting of both the Houses of Parliament said, 'The 'Fugitive and Economic Offenders Act' has proved effective in controlling fugitive economic offenders. Now we are receiving information in this regard from 146 countries, including Switzerland.'

"Of these, we have concluded agreements with 80 countries for automatic exchange of information. We are now receiving information about all those who have stashed black money abroad,' Mr Kovind said.

He said the impact of 'Real Estate Regulation Act' (RERA) was clearly visible in curbing black money transactions in real estate sector and protecting the interests of the customers; providing huge relief to the middle class families.

On 'Insolvency and Bankruptcy Code', he said it was among the biggest and most impactful economic reforms undertaken in the country. With the coming into force of this Code, banks and other financial institutions have been able to settle directly or indirectly an amount of more than Rs 3.50 lakh crore.

This Code has also curbed the tendency of wilfully defaulting on loans taken from banks and other financial institutions, he maintained.

The President said under the 'Direct Benefit Transfer', funds from more than 400 schemes are being directly credited into the accounts of beneficiaries.

During the last five years, Rs 7.30 lakh crore have been transferred through DBT. So far, not only has DBT prevented Rs 1.41 lakh crore from falling into wrong hands, but it has also enabled deletion of names of about 8 crore ineligible beneficiaries.

'DBT will be further expanded in the coming days. I would urge the state governments to use DBT in more and more schemes,' he added.

UNI SW SV 1412

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