May 27, 2015 12:40 PM

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Era of tax haven has come to an end & it is no longer safe to keep assets abroad illegally: Jaitley

Union Finance Minister Arun Jaitely has said the era of tax haven has come to an end and it is no longer safe to keep assets abroad illegally. Talking to reporters in Ahmedabad yesterday Mr Jaitley said, persistent efforts had been made in the past one year with Swiss authorities to break their banking secrecy. On the issues of black money bill, the Minister said in the bill there is provision of compliance window and people should utilize this opportunity to declare their assets, pay tax and pay penalty. He said, if people do not use this chance then government will take strict action. Finance Minister also said that Non-Performing Assets, NPAs of public sector banks will come down gradually over the next two-three quarters. Talking about achievements of the NDA government in the last one year, Mr Jaitley said when the NDA came to power, the ratio of NPAs of public sector banks was 6 per cent. He said now, in the quarter ended 31st of March, it came down to 5.2 per cent, which was 5.84 per cent at the beginning of quarter. The Minister said the NPA ideally should be 2 to 2.5 per cent.

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