Indian black money stashed away abroad
What is the status of Indian black
money stashed away abroad and what the government is doing to bring it back?
While official numbers are not available,
Swiss banking officials have said that the largest depositors of illegal
foreign money in Switzerland
are Indian. In February 2012, CBI director A P Singh said: “It is estimated
that around 500 billion dollars of illegal money belonging to Indians is
deposited in tax havens abroad”.
In August 2010, the government revised the Double
Taxation Avoidance Agreement (DTAA) to provide means for investigations of
black money in Swiss banks. This revision will allow the government to make
inquiries of Swiss banks in cases where they have specific information about
possible black money being stored in Switzerland.
In 2011, the Indian government received the names of
782 Indians who had black money saved in HSBC. As of December, 2011, the
Finance Ministry has refused to reveal the names, though they did confirm that
no current MPs are on the list.
What is the ruling of the Supreme
Court on black money stashed away in foreign banks?
In January 2011, the Supreme Court of
India (SC) asked why the names of those who have stashed money in the Liechtenstein Bank have not been disclosed. The court argued that the government should
be more forthcoming in releasing all available information on what it called a
“mind-boggling” amount of money that is believed to be held illegally in
foreign banks. The SC on 4 July 2011,
ordered the appointment of a Special Investigating Team (SIT) headed by former
SC judge BP Jeevan Reddy to act as a watchdog and monitor investigations
dealing with the black money. This body would report to the SC directly and no
other agency will be involved in this. The government subsequently challenged
this order.
Mention the Tax Information
Exchange Agreements India
has entered into recently.
To curb black money, India has signed TIEA with 10 countries - Bahamas, Bermuda, the British Virgin Islands,
the Isle of Man, the Cayman Island, the British island
of Jersey, Monaco,
St Kitts and Nevis, Argentina and the Marshal Islands
- where money is believed to have been stashed away.
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