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.
As the Covid-19 situation continues to improve in India, the ministry of home affairs (MHA) has decided to continue the Guidelines for Reopening, which have already done away with nearly all of Lockdown restrictions in areas outside the containment zones. The MHA issued an order Monday and e
After a scare in September with the number of daily fresh cases inching above 90,000, India seems to have gone down the peak, with several key parameters giving cause for relief just in time for the annual festive season. The new confirmed cases in the 24 hours to Tuesday morning have fallen below 36,500 (
The annual festive season has brought good news for India: the country’s case fatality ratio has gone down to touch 1.5 percent, and the number of deaths per day has dipped below 500 in the 24 hours to Monday morning – bringing the situation closer to the number before the lockdown was imposed
Basking in the success of the new web series, ‘Scam 1992: The Harshad Mehta Story ’,on SonyLIV, the OTT platform from Sony stable where the lead actors are new faces, NP Singh, MD and CEO of Sony Pictures Networks, has said that the script is the new hero. He credited the s
India’s trend of steadily decreasing active cases continues unabated. The number of Active Cases has remained below 10% of the total cases for the last three days, suggesting only one in 10 cases is active Covid-19 patient. The active cases comprise merely 9.29% of the total positive c
The union cabinet chaired by prime minister Narendra Modi on Wednesday gave its approval to pay productivity linked bonus (PLB) for 2019-20 to 16.97 lakh non-gazetted employees of commercial establishments like Railways, Posts, Defence, EPFO, and ESIC, with a financial implication of Rs.2,791 crore.