Indian black money

Map of tax havens, using the 2007 proposed "Stop Tax Haven Abuse Act"

In India, black money is funds earned on the black market, on which income and other taxes have not been paid. Also, the unaccounted money that is concealed from the tax administrator is called black money. The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of society. Around 22,000 crores of rupees are supposed[citation needed] to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at ₹300 lakh crores.[1]

The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US$1.06 – $1.4 trillions is held illegally in Switzerland.[2] Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion.[3][4] In February 2012, the director of India's Central Bureau of Investigation said that Indians have US$500 billion of illegal funds in foreign tax havens, more than any other country.[5][6] In March 2012, the government of India clarified in its parliament that the CBI director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.[7]

In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be ₹300 lakh crores or US$1.5 trillion.[8]

  1. ^ "Writ petition in the issue of black money". Right to information – black money case. Supreme court of India. Retrieved 13 June 2018.
  2. ^ Nanjappa, Vicky (31 March 2009). "Swiss black money can take India to the top". Rediff.com. Retrieved 23 May 2016.
  3. ^ "White Paper on Black Money" (PDF). Ministry of Finance, G.O.I. 2012. Archived from the original (PDF) on 29 July 2012.
  4. ^ "Banking secrecy spices up Indian elections". SWISSINFO – A member of Swiss Broadcasting Corporation. 14 May 2009.
  5. ^ "Black money: Indians have stashed over $12 in banks abroad, says CBI". The Times of India. Retrieved 29 July 2015.
  6. ^ "India 'loses $500bn to tax havens'". BBC News. Retrieved 29 July 2015.
  7. ^ "White paper on black money likely to be tabled in Budget Session". The Hindu – Business Line. 13 March 2012.
  8. ^ "Bring back black money from abroad: Jethmalani". The Economic Times. 9 March 2018. Retrieved 13 June 2018.

From Wikipedia, the free encyclopedia · View on Wikipedia

Developed by Nelliwinne