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.
