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.
Public-Private Partnerships (PPP) projects are always under scrutiny, given the options of alternative of traditional procurement for the government. The value-for-money debate is one of the essential parameters to judge any PPP. In the absence of any credible data on this regard, it is very difficult to e
Electoral bonds, introduced in January 2018 to bring in transparency in political funding, has emerged as the preferred route for making donations to parties, according to an analysis of the parties’ audit reports by the Association of Democratic Reforms (ADR). “Given the anonymi
With a humble beginning in 1875, the India Meteorological Department (IMD) – which is celebrating its 145thFoundation Day on January 15 – has marched forward with various milestones and paradigms to serve the society. When weather and climate are playing more and more role in our daily lives, h
Prithviraj Chavan, a senior Congress leader and former Maharashtra chief minister, is the key architect of the ruling Maha Vikas Aghadi (MVA) alliance that came to power after the three-day government of the BJP, supported by Ajit Pawar of NCP, fell apart just before the supreme court ordered an open b
Every winter Delhi experiences some of the worst air pollution levels in the world. Concentrations of particulate matter – PM10 and PM2.5 – regularly hover around values of 400 to 500, levels that are considered extremely hazardous by both Indian and international air quality standards. Doctors
Nobel laureate economist Abhijit Banerjee has sounded an alarm on the economic crisis and compared the present situation to the 1991 economic crisis, stressing that to revive the economy it is important to stimulate demand. Like elsewhere in the world, the level of trust in experts and the e