The Finance Minister Pranab Mukherjee today said, despite global economic challenges, the growth rate during fiscal year 2012-13 is expected to be 7 per cent.

Inaugurating the annual conference of the Chief Commissioners and Directors Generals of Customs, Central Excise and Service Tax in New Delhi, Mr Pranab Mukherjee said, factors like the reversal of interest rate cycle, turning around of mining sector growth and quarterly investment growth rate would help in achieving the target.

The Minister expressed hope that prediction of normal south west monsoon and a rapid decline in international oil prices in recent weeks, will further help in growth of the GDP.

The Minister said that government has taken several measures to curb the menace of black money. It has constituted a Committee to consult all stakeholders to strengthen existing laws relating to black money.

The report is being examined by the government and it would help in identifying the gaps in present legislative and administrative framework.

Mr. Mukherjee informed that another important step taken by the government to curb the generation and channelization of black money, is the introduction of Benami Transactions Prohibition Bill 2011 in Parliament.

He said, this will help in reducing the menace of black money as it contains elaborate povisions dealing with the defination of Benami transaction and Benami property .

Mr. Mukherjee expressed confidence that the Direct Tax Code, DTC Bill will be implemented from 1st of April next year as an amended Bill will be introduced in the Monsoon session of Parliament. He informed that Parliamentary Standing committee has already submitted its report.