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NEW DELHI: The government has taken steps to curb technology of black cash in the true property sector to profit the middle magnificence, and can further speed up its campaign against ill-gotten wealth as a part of its dedication to a 'zero tolerance policy' against corruption, President Ram Nath Kovind.

The projects of the federal government to test black cash come with cancellation of registration of 3.50 lakh suspicious companies and signing of computerized monetary knowledge change agreements with more than a few countries, Kovind mentioned in his standard address to the joint sitting of the 2 homes of Parliament.


"My government will make the zero tolerance policy against corruption extra comprehensive and effective. The undertaking to eliminate corruption from public life and government products and services shall be carried out with greater zeal....

"The campaign against black cash shall be taken ahead at a faster tempo. During the final two years, four lakh 25 thousand corporate administrators had been disqualified and the registration of 3 lakh 50 thousand suspicious companies has been revoked," he mentioned.

Kovind said that the world community too is supporting India's place in regards to action to test technology of black cash.

Referring to real property sector, Kovind mentioned the affect of Real Estate Regulation Act (RERA) is "clearly visible" in curbing black money transactions in real estate sector and protecting the interests of the customers. It has provided "huge relief to the middle magnificence families".

The Fugitive and Economic Offenders Act, he mentioned, has proven effective in controlling financial offenders fleeing the country.

"Now we're receiving knowledge on this regard from 146 countries, including Switzerland. Of these, we now have concluded agreements with 80 countries for computerized change of data. We are actually receiving information about all those that have stashed black cash in another country," Kovind added.


In August final yr, Parliament enacted a legislation to discourage fugitive financial offenders to evade prison procedure in India via flee the country.


A fugitive financial culprit is any person against whom warrant for arrest is issued for his involvement in make a selection financial offences involving amount of a minimum of Rs 100 crore or extra and has left India so that you could avoid felony prosecution.


The new legislation allows designated particular court to claim an individual as fugitive financial culprit and to confiscate his property, including 'benami' ones.


The President additionally mentioned that the federal government is the use of generation to reduce human interface and check corruption.

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