"I think, for every assesses, every person in the commercial business also, it is a judgement call that in a liberal economic  environment of reasonable and lower taxation rates, 'go straight'," he urged at the foundation day celebrations of the Enforcement Directorate.

He also said the G20 group of countries' initiative on automatic transmission of information will make every monetary transaction transparent by 2017.

"Each country would go out of the way to cooperate with others. The Americans have particularly taken a strong initiative in their domestic law. They want every country to sign an arrangement with them with regard to the transmission of information," the Finance Minister ephasised.

Both these arrangements, by 2017, were going to make extremely risky for anybody to had unlawful assets or unlawful transaction of money. We, in India, had to prepare our people for that, he added.

Last month in Washington, Jaitley sought urgent implementation of the automatic exchange of financial account information.

"We strongly feel that there is a need to ensure that the common reporting standards on automatic exchange of information should be implemented on a fully reciprocal global basis," he said at the weekend's annual Spring Meeting of the International Monetary Fund and the World Bank.

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