Panama Papers leak brings focus again on politically sensitive and economically urgent issue
Rahul Dass | April 5, 2016 | New Delhi
Filmstars and business tycoons are among the 500 Indian names that were revealed through the Panama Papers, which are over 11 million leaked documents – bringing into focus black money, a politically sensitive and economically urgent issue that has triggered considerable debate in the recent past.
Celebrities like Amitabh Bachchan and his daughter-in-law Aishwarya Rai as well as business tycoons like DLF founder KP Singh and IndiaBulls promoter Sameer Gehlaut feature in the huge cache of documents from Mossack Fonseca based in Panama, a country whose image is that of a haven for money laundering.
The Indian Express expose has once again shown that unaccounted-for wealth stashed abroad continues to be a bane for the country, despite promises during the heated campaign ahead of the general election that brought the NDA to power in 2014.
The Congress has repeatedly referred to prime minister Narendra Modi’s election campaign speeches in which he had said that black money to the tune of Rs 80 lakh crore was stashed abroad and his government would bring it back in 100 days of coming to power. He had also reportedly hinted that the repatriated money would be enough to deposit Rs15 lakh into the bank account of every Indian.
The NDA government did put in an effort that saw the passage of the black money bill. But that may not be enough to get black money that is hidden away from the prying eyes of tax sleuths.
Those who succeeded in avoiding taxes in India have been able to exploit the loopholes, which needs to be plugged.
The decision taken by the government to form a multi-agency group including the Financial Intelligence Unit, CBDT and RBI is a step in the right direction – with a caveat. It can also be a kneejerk reaction following the damning Panama Papers that have once again shown that all is not well without our financial system.
There are only guesstimates with regard to black money. A study by industry body Assocham says nearly $2 trillion or Rs 120 lakh crore of Indian black money is stashed overseas. That is more than the country's nominal GDP, which stood at Rs 114 lakh crore or $1.9 trillion in 2013-14. The numbers are simply mind-boggling.
Incidentally, as India struggles to bring back black money, Panama itself has not benefitted as the country has the second worst income distribution in Latin America—and about one-fourth of the population lives in poverty.
Green Banking is an initiative taken by the banks to promote environment-friendly practices and reduce carbon footprint of their activities. Green financing (a part of ‘Green Banking’) is a broad term that can refer to a financial investment flowing into sustainable development projects and ini
The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST is ₹81,363 crore (including ₹41,772 crore collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collecte
Climate change rising temperature and sea levels are posing new risks for coastal cities. With population growth rate of 1%- 2% in India every year, Mumbai too is growing and is population will double from 20 million to 40 million in the coming years. The city is also at the risk of rising sea level. It ne
Union Minister of State (Independent Charge) for Science and Technology, MoS PMO, Department of Atomic Energy and Department of Space and MoS Personnel, Public Grievances and Pensions, Dr Jitendra Singh on Tuesday interacted with and felicitated the first 20 All India Toppers of IAS/ Civil Services Exam 20
In a major decision, the Government has decided to grant waiver of ISTS charges to Off-Shore Wind Projects and extend the waiver to Green Hydrogen/Green Ammonia. This decision has been taken to facilitate wider execution of offshore wind energy initiatives, to promote the expansion of Green Hydrogen / Gree
Urging use of alternative and cost effective fuels to reduce pollution caused by vehicles, union road transport and highways minister Nitin Gadkari on Thursday said finding cost-effective fuels is the need of the hour and underlined that use of fuels like bio-CNG and green hydrogen help in protecting the e