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 hazard8217; 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 look8217; at the fiscal situation of both centre and states.

8221;We surely needed to undertake the cleaning-up operationand it is not going to be an easy task,8221; 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 quot;feel-good-factorquot; was fast returning and that there was greater confidence among investors, particularly, foreign than what it was a year ago.