Govt rules out amnesty scheme for tax evaders

There was a whole lot of suggestions for tapping black money for development purposes, he told economic editors, adding there was however the question of moral hazard’ which needed to be debated.

Indicating that the medium-term fiscal consolidation process would begin in the Budget, Sinha said it was time to have a hard look’ at the fiscal situation of both centre and states.

”We surely needed to undertake the cleaning-up operationand it is not going to be an easy task,” he said, hoping that government was able to ready the draft of the fiscal responsibility act during the budget session of parliament.

During his three-hour long pre-budget meeting witheconomic editors, sinha also said that the "feel-good-factor" was fast returning and that there was greater confidence among investors, particularly, foreign than what it was a year ago.