LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Black money crackdown: PM Modi says hoarders will not be spared

The Prime Minister said the government has eliminated middlemen and bogus beneficiaries by transferring government benefits to those who actually deserve them. This has led to the elimination of 6 crore bogus beneficiaries who previously cornered subsidised cooking gas LPG, pension, and scholarships, saving Rs 90,000 crore for the exchequer.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Black money crackdown: PM Modi says hoarders will not be spared
Modi, in his fifth Independence Day speech, Image source: Reuters
Written By: PTI
Updated: Thu, Aug 16, 2018
01:02 pm
New Delhi, PTI
RELATED NEWS
Big crackdown against Rs 500 cr black money! Income Tax raids in these 42 premises - Check what all was seized Big crackdown against Rs 500 cr black money! Income Tax raids in these 42 premises - Check what all was seized
Now, those hiding black money in foreign lands will find it difficult to escape Now, those hiding black money in foreign lands will find it difficult to escape
Big action by Modi government! Income Tax Dept raids share brokers, traders in Mumbai, Delhi, Noida, Hyderabad and other locations - This is the reason Big action by Modi government! Income Tax Dept raids share brokers, traders in Mumbai, Delhi, Noida, Hyderabad and other locations - This is the reason
Zero tolerance against corruption! Modi government strikes again - Big axe falls on black sheep high-ranking Income Tax officers Zero tolerance against corruption! Modi government strikes again - Big axe falls on black sheep high-ranking Income Tax officers
Zero tolerance! After demonetisation and surgical strike, Modi govt is gearing up for this huge action - Must know for Indians Zero tolerance! After demonetisation and surgical strike, Modi govt is gearing up for this huge action - Must know for Indians

Prime Minister Narendra Modi On I-Day vowed not to spare corrupt and black money holders, saying efforts of his government have freed corridors of power from brokers, enhanced the number of taxpayers and saved Rs 90,000 crore by eliminating bogus beneficiaries.

In his nearly 90-minute address to the nation on the occasion of 72nd Independence Day from the ramparts of the Red Fort, Modi thanks honest taxpayers for their contribution in the development of the country, which is now the world's sixth largest economy.

Also, nepotism and partisan politics have been eliminated and strict action is being taken against bribery.

"We will not spare the corrupt and those who have stashed black money. They have ruined the country," he said. "Delhi's streets are now free from power brokers. From (a time when) the voice of power brokers (was heard), the voice of the poor is (now) heard."

Modi, in his fifth Independence Day speech, also mentioned the clamp down on three lakh shell companies that were used to launder ill-gotten money.

Listing measures that have brought the untaxed in the tax net, he said the number of income taxpayers has increased to 6.75 crore from 3.5-4 crore before 2014.

Also, the implementation of one-nation, one-tax scheme of Goods and Services Tax (GST) has led to a rise in the number of indirect taxpayers from 70 lakh to 1.16 crore.

The Prime Minister said the government has eliminated middlemen and bogus beneficiaries by transferring government benefits to those who actually deserve them.

This has led to the elimination of 6 crore bogus beneficiaries who previously cornered subsidised cooking gas LPG, pension, and scholarships, saving Rs 90,000 crore for the exchequer.

"There were 6 crore people who were not even born, and government benefits were being taken in their name," Modi said.

Citing an example, he said the government procures wheat at Rs 25 per kg for supplying it to the poor at Rs 2 but this often gets diverted into the open market to the benefit of middlemen.

He said the country was now celebrating the "festival of honesty".

Watch Zee Business video here:

Stressing that the honest taxpayer of India has a major role in the progress of the nation, Modi said: "It is due to them that so many people are fed, the lives of the poor are transformed."

During his speech, Modi also listed out several welfare schemes being implemented by his government. Besides, he talked about distribution of 5 crore LPG connections among poor women that have helped replace polluting firewood in rural kitchens with cleaner cooking gas, and electrification of all the villages in the country in a record time.

Modi also said 13 crore Mudra loans have been provided so far, which is contributing towards job creation. Of these, four crore are the first-time borrowers.

Improvement in India's ranking on ease of doing business, the country becoming the world's sixth largest economy and praise from various international organisations too found a detailed mention in his speech.

Without referring to any political party, Modi also questioned the delay in implementation of the GST.

"Who did not want the passage of the GST, yet it was pending for years," he wondered.

The long-awaited GST was rolled out on July 1, 2017.

Modi said despite initial difficulties in implementing the new indirect tax regime, traders have adopted it.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Black MoneyPM ModiPM Modi speech
RELATED NEWS
Big crackdown against Rs 500 cr black money! Income Tax raids in these 42 premises - Check what all was seized Big crackdown against Rs 500 cr black money! Income Tax raids in these 42 premises - Check what all was seized
Now, those hiding black money in foreign lands will find it difficult to escape Now, those hiding black money in foreign lands will find it difficult to escape
Big action by Modi government! Income Tax Dept raids share brokers, traders in Mumbai, Delhi, Noida, Hyderabad and other locations - This is the reason Big action by Modi government! Income Tax Dept raids share brokers, traders in Mumbai, Delhi, Noida, Hyderabad and other locations - This is the reason
Zero tolerance against corruption! Modi government strikes again - Big axe falls on black sheep high-ranking Income Tax officers Zero tolerance against corruption! Modi government strikes again - Big axe falls on black sheep high-ranking Income Tax officers
Zero tolerance! After demonetisation and surgical strike, Modi govt is gearing up for this huge action - Must know for Indians Zero tolerance! After demonetisation and surgical strike, Modi govt is gearing up for this huge action - Must know for Indians

LATEST NEWS

IndianOil Alert – Your Opportunity to earn WHOPPING Rs 2 Cr – Know terms and conditions; Do this and Win BIG

Gold Price Today 18-04-2021 – Be prepared to pay more for Gold, Silver; not just coronavirus, bullion prices may jump because of THIS reason

GOOD NEWS! Modi Govt slashes Remdesivir MRP by half, with retro-effect—This is how much it will cost you now

Petrol, Diesel Price Today – Rates unchanged on Sunday in 4 metros; Do this to get latest prices in Delhi-NCR, Mumbai, Kolkata and Chennai

Covid 19: Railways to fine Rs 500 for not wearing face masks in rail premises, trains

FICCI writes to 25 CMs on Covid management, urges to avoid lockdown

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range; says global markets, Q4 results to drive street

7th Pay Commission Latest News: 'Special Allowance' extended for These Central government employees

Rajini, Kamal, Mohanlal and many others mourn Vivek's demise

Katrina Kaif tests negative for COVID-19

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved