The Narendra Modi-led government has ruled out a tax amnesty scheme to unearth black money saying it goes against honest taxpayers but sought to send out positive signals to foreign investors promising a relook at the controversial General Anti-Avoidance Rules (GAAR). "The experience shows when you bring in VDIS (Voluntary Disclosure of Income Scheme), it discriminates against genuine taxpayers. Those of you who pay taxes are disincentivised...it goes against honest taxpayers... It may not be a conducive path for recovering more taxes," minister of state for finance Nirmala Sitharaman said while responding to specific issues raised by members in the Rajya Sabha.

Source - http://economictimes.indiatimes.com