India: Government to de-criminalize Income Tax Act, anti-money laundering law: FM Nirmala Sitharaman

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According to the Finance Minister, Nirmala Sitharaman, the government is set to remove crime attached to the violation of the Income Tax Law as part of the measure to take the economy to $5 trillion worth. This, she said on Sunday during ‘Roadmap to $5 trillion economy’ celebration which took place in Chennai on Sunday. She said the government intends to take the step, and others such as settling tax disputes, and privatization firms run by the state, in order to improve business activities and performance, as well as reducing the strictness of compliance to the law. The plan is to eliminate the punishment associated with the law or reduce the penalty to only fines while developing new methods that will foster criminal justice.
The aim of the government is to ensure that big businesses in the country are not with suspicion or a threat to the country financial law – this is in line with the speech delivered by Prime Minister Narendra Modi on the Independence day last year, where he mentioned that “wealth can only be distributed when it is created.”