Published On : Wed, Mar 23rd, 2016

CAIT demands a comprehensive study of ​all ​the sources of black money generation

Nagpur: CAIT National President B. C. Bhartia & Secretary General Praveen Khandelwal has demanded a comprehensive study of ​all ​the sources of black money generation and called upon the Government to draw a conclusive strategy to check black money in the Country.Singularly blaming the trading community particularly jewellery fraternity amounts to gross injustice. ​” We fully support the Government in curbing black money and will extend all support to the Government in promoting less cash economy in the Country”-said trade leaders.

Both Bhartia & Khandelwal said that as a general principle excise is levied on goods manufactured with any kind of machinery. In case of jewellery, almost all the finished jewellery is processed by small artisans by hand, therefore, as a principle of natural justice, excise may not be levied on hand made items which includes even jewellery as well. They urged the Union Finance Minister to constitute a Joint Committee of senior officials and representative of trade under the Chairmanship of Minister of State for Finance or Revenue Secretary with to discuss the issue in detail and arrive to an amicable solution​.​

They also said that the traders are more willing to cooperate with the Government in eradication of black money and as such the CAIT has suggested the Government to launch a joint campaign with Trade Associations across the Country for promotion of more and more usage of Debit/Credit Cards and net banking which will enable recording of all transactions. The CAIT in association with MasterCard is already conducting such a national campaign since last more than one year.