Finance Minister Arun Jaitley has said that the Narendra Modi government had absolute clarity from day one that it will move against the shadow economy and black money.<br/><br/>In his facebook post, Mr Jaitley said, the Black money law dealing with illegal assets outside India opened window for disclosure with 60 per cent tax and provides a ten year imprisonment. He said, the Income Declaration Scheme – 2016 was highly successful with a 45 per cent tax. He also said, the PAN card requirement for cash transaction beyond two lakh rupees put hurdles on expenditure through black money.<br/><br/>The Finance Minister said, the demonetisation of high denominational currency notes was a big step in the same direction. He said, the decision involves high level of secrecy and printing substantial amounts of paper currency, distribution through banks, post offices, banking mitras and ATMs. <br/><br/>Mr Jaitley said, the period of pain and inconveniences is getting over and economic activity is being restored. He said, the Goods and Services Tax, GST, which is scheduled to be implemented this year, will provide a better indirect tax administration and being a more efficient law will check tax evasion.