New Delhi: Leading industrialist Rahul Bajaj on Sunday asked the government to put in jail those who have stashed black money abroad, but expressed apprehensions on the proposed retrospective amendment to income tax laws to bring into the net overseas deals involving Indian companies.
"We don't like people who cheat, just as we don't like income tax people who are corrupt...some people have black money in foreign countries, they should be sent to jail, as far as I am concerned," Bajaj said at a CII interactive session with Finance Minister Pranab Mukherjee here.
He suggested that the government could come out with one time amnesty scheme to tax unaccounted money stashed in foreign accounts after which people should be sent to jail.
"...make a law that after that (amnesty scheme), if money is found, we put you to jail, 100 percent confiscation (of money)," Bajaj added.
The government has proposed to amend tax laws to enable re-opening of I-T return filings of up to 16 years in relation to assets held abroad to deal with black money.
On the Budget 2012-13 proposal to amend Income Tax Act retrospectively from 1962 to tax mergers overseas that involved Indian companies, Bajaj, Chairman of Bajaj Auto and also a former CII president, said no one from the corporate sector has supported the move.
"This is one provision which no one has supported...everybody other than Sir, you and your colleagues sitting here...," he said, pointing to the "hue and cry" in the industry about the amendment.
The move follows the recent Supreme Court judgement that rejected Income Tax Department's Rs 11,000 crore demand on UK-based Vodafone in a USD 11 billion deal to buy Hong Kong based Hutchison's telecom business, including India assets.
Bajaj said both domestic and foreign companies, are terming it as a signal against India.
"98 percent of us (industry) are not affected here but we are worried tomorrow what will happen," he said.