Venkaiah Naidu terms Bankruptcy bill as "game-changer" in reforms

NEW DELHI: Union Minister M Venkaiah Naidu today termed the Bankruptcy bill passed in Parliament as a "game changer" and said government has brought economic reforms to help chase down black money and bring transparency in financial sector.

He said the end of the Mauritius route is the way forward to chase down black money and shell companies now no longer take advantage of Double Taxation Avoidence Agreements (DTAA).

Naidu also described Prime Minister Narendra Modi as the "real reformer" for bringing such economic reforms in the country.

"Ending of the Mauritius route is the way forward to chase down black money and get transparency in financial sector. Shell companies can no longer take advantage of the Double Taxation Avoidence Agreements (DTAA). Modi the real reformer," he said in a series of tweets.

He also said the Bankruptcy bill was "one of the big economic reforms and a game-changer and that history has been created with its passage."

"Extremely happy as bankruptcy bill is passed by both d Houses. History has been created. It will build fine and faster resolution mechanism.

The Rajya Sabha yesterday passed the Insolvency and Bankruptcy Code Bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. The Lok Sabha had passed it on May 5.

On Tuesday, India signed signed with Mauritius an amendment to Double Taxation Avoidance Convention ( DTAC) to get rights to tax capital gains on shares of Indian company sold after April 1, 2017.