"The parallel economy has to be squeezed...and (it) has to be done in very fair manner, not in a harsh manner. In doing s0o, as senior officers you have to... maintain the highest standard of integrity," he said while addressing a conference of top officials of the Central Board of Direct Taxes (CBDT).
On the new black money law which seeks to bring back the illicit funds stashed abroad, Jaitley said, "No honest taxpayer has anything to fear. It's targeted only against those who have stashed assets abroad."
The Minister further told the tax officers, "Every well meaning advisor will tell you, tax base has to be expanded. Black money has to be squeezed out and at the same time if you take steps to do that, you have to listen to the taunt of draconian steps which are being taken."

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