Enforcement Directorate must use its penalising powers: Jaitley

New Delhi: Union Finance Minister Arun Jaitley on Saturday said that the penalising powers of the Enforcement Directorate (ED) should be used expeditiously in cases of non- compliance.

Addressing a gathering at an Enforcement Day event here, Jaitley said, non-compliance of tax laws almost always affects the larger public and the national interest.

He called on the Enforcement Directorate to strictly enforce the law to help the national exchequer raise legitimate revenue, adding that both the Department of Revenue and Enforcement Directorate have to play very important role to play in this regard.

Describing money laundering, tax evasion and creation of shell companies as serious offences, Jaitley said such siphoned off money could be used to improve education, healthcare and rural development-related initiatives.

These violations, he said, are not difficult to detect and scrutiny of filing with registrar of companies can also lead to the detection.

Revenue Secretary Hasmukh Adhia said that as many as eight to nine lakh registered companies were not filing annual returns with the Ministry of Corporate Affairs, and were seriously at risk of being charged with money laundering.

He revealed that a task force has been set up by the Prime Minister’s Office to monitor these companies every 15 days, and added that some of them have already been sent notices. (ANI)