Black money law vengeful: Bajaj

Black money law vengeful: Bajaj

FPJ BureauUpdated: Friday, May 31, 2019, 11:32 PM IST
article-image

New Delhi : In a strong criticism of the Modi government, top industrialist Rahul Bajaj said its “shine seems to be wearing off” and also lashed out at the new black money law saying it could be used to harass people.

Bajaj, who has been an ardent admirer of Prime Minister Narendra Modi in the past, said the government was creating roadblocks for itself in many of its initiatives, including in terms of ease of doing business.            On the black money law, he said the drafting appears to have been done with a ‘vengeance’ and there is a fear that the foreign asset disclosure made by people during the three-month compliance period could be used against them.

“Everybody is saying…I-T, Enforcement Directorate, people at those levels are same as they were before. You will be harassed,” Bajaj told NDTV in an interview, while talking about his views on declaration of foreign assets under the new law.

Expressing concern that those who have declared were not being guaranteed protection from future prosecution, Bajaj said: “I declare it and then you say it’s an illegal declaration.” In such a case, he said, people would prefer going to the courts and fighting it out, rather than making the declaration.

Under the new law, those availing the one-time ‘compliance window’ would be required to pay a tax of 30 per cent and a penalty of a similar amount.

RECENT STORIES

The Entrepreneurial Journey Of Moglix’s Founder & CEO, Rahul Garg, And How He Built A...

The Entrepreneurial Journey Of Moglix’s Founder & CEO, Rahul Garg, And How He Built A...

Rally Of Green At Dalal Street: BSE, Nifty End FY24 On A High Note; Will The Good Run Continue In...

Rally Of Green At Dalal Street: BSE, Nifty End FY24 On A High Note; Will The Good Run Continue In...

Ipca Laboratories Shareholders Reject Employees Stock Option Scheme Resolution

Ipca Laboratories Shareholders Reject Employees Stock Option Scheme Resolution

Toyota Set To Raise Prices On Select Models Starting April 1!

Toyota Set To Raise Prices On Select Models Starting April 1!

The Storm On Wheels: Suzuki Launches V-STROM 800DE

The Storm On Wheels: Suzuki Launches V-STROM 800DE