"I have heard the phrase. It is politically incorrect. It shows racial mindset. World over people frown at such phrases. I will pass it off as ignorance," Jaitley said while replying on the budget debate in the Lok Sabha.
Earlier this month, Gandhi said the present National Democratic Alliance government has "launched a Fair and Lovely Yojana, to convert black money to white money".
Jaitley further defended his policy, saying his scheme to let people pay no penalty, interest on pending tax disputes, was neither an amnesty nor a Voluntary Disclosure of Income Scheme.