Over one trillion dollars of unaccounted funds lying in accounts outside India
GN Bureau | May 11, 2015
The black money bill is likely to be taken up for consideration in the Lok Sabha on Monday. The legislation, known officially Undisclosed Foreign Income and Assets Bill, provides for heavy penalties and imprisonment of up to 10 years for stashing unaccounted funds abroad. The government had introduced the bill in March.
India has no official estimate of illegal money stashed away overseas, but unofficial assessments put it somewhere between $466 billion and $1.4 trillion.
As part of overall monitoring of income tax evasion, last month, the government had revised and added more queries to the form that filed by the income tax assessee (ITR forms). It had sought details of all the bank accounts and money spent on foreign trips. However, after much hue and cry, the government is likely to revise the ITR forms.
Finance minister Arun Jaitley had said early this month that "next week, I intend to take up before Parliament the law with regard to taxation of undisclosed assets and incomes abroad."
"I think, for every assessee, every person in the commercial business also, it is a judgement call that in a liberal economic environment of reasonable and lower taxation rates, 'go straight'," Jaitley had said.
"And, therefore, if you transact within the limits of law, it is much safer. If you breach it, gone are the days where offences would go undetected," he added.
Jaitley has also warned corporates not to take unfair advantage of the liberalised tax environment. He said the world is moving towards a more transparent regime that would remove the veil of secrecy from unlawful transactions.
In March 2011, the National Institute of Public Finance and Policy, National Council of Applied Economic Research and National Institute of Financial Management were given the task of estimating unaccounted income and wealth inside and outside the country.
Jaitley told the Rajya Sabha earlier this week that the government was examining the reports of three institutes on the matter.
Demobilization, like its predecessor – demonetization, is another decision gone bad in implementation. In both instances a careful public administrative action through its governance systems could have saved the magnitude of impact particularly on the most vulnerable sections of the society. Th
In a bid to break the “chain of transmission” of the deadly Covid-19, India, a country with more than 1.3 billion population, observed a voluntary ‘Janata Curfew’ on March 22. This has been followed by a 21-day, nationwide lockdown from March 24. Prime minister Narendra Modi also re
To take speedy decisions on research and development for Sars-Cov-2 virus and COVID-19, the government has constituted a Science and Technology Empowered Committee. The committee, set up on March 29 and chaired by Niti Aayog member, professor Vinod Paul and professor K Vijay Raghavan, princi
Covid-19 may turn out to be the last straw that broke the camel’s back so far as the real estate sector is concerned. It broke out at a time when pundits were estimating the GDP to be hovering around 2.5% with unprecedent levels of unemployment. This itself was a good indicator that the real estate s
As COVID -19 cases continue to rise amid a 21-day lockdown, the centre and the states are proactively taking measures to provide aid to the underprivileged and the needy during this unprecedented situation. By Sunday morning, India had registered 27
In the thick of battle with the deadly coronavirus, India on March announced a 21-day lockdown till April 14 in its bid to control the spread of virus which has so far led to 10 people’s death and over 600 others falling sick across the country. As per experts, India, which is in the second stage of