FM Jaitley says retrospective legislation is a legal issue.

Finance Minister Arun Jaitley here in Washington said that government does not
believe in retrospective legislation and it is a legal issue. The FM is on a 9 day
tour of the US. He said that the government does is not going to act based on
past legislation. There will be no future exercise based on past legislation.
He said that he wants to put a quietus on this issue and this issue is closed
from now. He said that when he says quietus he is referring to the similar
judgement passed by the Bombay High Court on transfer pricing. He said since
the issue is lying the judiciary but the issue is related to only few people or
companies from the past.
He said that the investors are quite appreciative of this. He has been meeting top
US officials like treasury secretary James Lew, Commerce secretary Kwerk, and
Michael FOman and other top CEOs both individually and collectively.
He also said that the government has decided to join FACTA i.e. Foreign account
transfer Act. But the details regarding the date of signing the act is yet to be
worked out. He said it will have a positive impact regarding the free flowing of
information with regards to the account details and also help keep a check on the
the undisclosed possession in foreign accounts.
He said that the indian economy is only going to get better with further rate cuts.
The economy will further become strong with rate cuts. He said that the meeting
with the central banks he has nudged the banks to pass maximum benefits to
the customeers. He said that the institution lije the central bank will help
improve the economy by more rate cuts.
On being asked about the low monsoon. He said the government is ready to
increase more funds into under the Rural Job Gaurantee apart from the MNREGA
which is having the total funds of 54000 crores. He said the rain has started weill
and the weather looks good and he is keeping his fingers crossed. But low
monsoon and hail storm has affected the crops badly.
He said the government expects infusing capital for futher improving the
situation.
He said that ther