Government to step up fight against black money, eliminate graft, says President

NEW DELHI: The campaign against black money will be taken forward at a faster pace, President Ram Nath Kovind said in his address to Parliament on Thursday and vowed that the government will make the zero tolerance policy against corruption more comprehensive and effective.
He said that during the last two years, 4.25 lakh company directors have been disqualified and the registration of 3.50 lakh suspicious companies has been revoked.
"The mission to eliminate corruption from public life and government services will be implemented with greater zeal. Towards this objective, minimum government - maximum governance will be further emphasised. In addition, use of technology will be maximised to reduce human interface. Appointment of Lokpal will also promote transparency," the President said in his address to both houses of Parliament.
He 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 pacts with 80 nations for automatic exchange of information. We are now receiving information about all those who have stashed black money abroad," he said, detailing the government's intention to step up its fight against black money.
The President said the the impact of the 'Real Estate Regulation Act' or RERA is clearly visible in curbing black money transactions in the real estate sector and protecting the interests of customers and providing huge relief to the middle class families. He said that insolvency and bankruptcy code had helped banks and other financial institutions 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," the President said.