Bringing back Black Money in India

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The presentation dwells in the history, facts and figures about the Black Money in India. Indian Black Money in Swiss Bank account has been a hot topic in Indian politics. The Presentation tries to explore why.

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Image Courtesy : http://2.bp.blogspot.com/-PbwJphC15i8/UkyMV6HWIfI/AAAAAAAAAGY/t_p9U9SwCpc/s1600/3.jpg

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Black Money  refers to Image Courtesy : http://1.bp.blogspot.com/_597Km39HXAk/TIdy3Ibz8ZI/AAAAAAAAH5o/UGBAROU44Vk/s1600/rupee-symbol-transparent.png Funds earned on the black market, on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total exceeding US$1.4 trillion are stashed in Switzerland.

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Schneider Estimates of Black Money According to this study, the average size of the shadow economy (as a percent of "official" GDP) in 96 developing countries is 38.7%, with India below average. India Africa Latin America Asia 23 to 26 % 28 to 30% 41 to 44 % 41 to 44 % * as a percent of "official" GDP

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Government's Response to curb Black Money Image Courtesy: http ://4.bp.blogspot.com/-zk3TYl0f3EQ/UYKBTs885jI/AAAAAAAAACg/oK7WfbGx9kg/s400/Emblem_of_India.svg.png Central Board of Direct Taxes: This organization is primarily responsible for combating the menace of black money, spread over 510 cities and has over 55,000 employees who are deputed from premier police organization's to aid the department. Enforcement Directorate : It is entrusted with the investigation and prosecution of money-laundering offences, confiscation of the proceeds of such crime, matters related to foreign exchange market and international hawala transactions.  Financial Intelligence Unit : This government organization is for receiving , processing, analyzing, and disseminating information relating to suspect financial transactions. It shares this information with ministries , enforcement and financial investigative agencies. Central Board of Excise and Customs and Directorate of Revenue Intelligence : It is responsible for coordination, intelligence sharing & investigations at national as well as regional levels amongst various law enforcement agencies to prevent financial crimes, generation and parking of black money & illegal transfers. Central Economic Intelligence Bureau : It is responsible for coordination , intelligence sharing, and investigations at national as well as regional levels amongst various law enforcement agencies to prevent financial crimes, generation and parking of black money and illegal transfers.

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Government Proposals to get back Indian Black Money Reducing disincentives against voluntary compliance : Lower taxes and simpler compliance process reduces black money, suggests the white paper. 01 Banking transaction tax : P olicy prescription that involves replacement of most direct and indirect levies with a banking transaction tax and de - monetisation of currency notes 02 Economic liberalization : The process of economic liberalisation must be relentlessly continued to further remove underground economy and black money 03 Reforms in vulnerable sectors of the economy : Certain vulnerable sectors of Indian economy are more prone to underground economy and black money than others. These sectors need systematic reforms 04 Creating effective credible deterrence : Effective and credible deterrence is necessary in combination with reforms, transparency, simple processes, elimination of bureaucracy and discretionary regulations.  05

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Supportive measures : The report suggests Whistleblower laws must be strengthened to encourage reporting and tax recovery 06 Amnesty : A mnesty programmes have been proposed to encourage voluntary disclosure by tax evaders. 07 International enforcement : India has Double Tax Avoidance Agreements with 82 nations, including all popular tax haven countries 08 Modified Currency Notes : As a consequence turning most of the unaccountable money into accountable and taxable money 09 Government Proposals to get back Indian Black Money

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Name Amount (INR Cr) Number of Accounts Niira Radia 289990 4 main (13 Sub) Chintan Gandhi 1956 1 main (3 Sub) Harshad Mehta (D) 135800 12 Sub H. D. Kumarswamy 14500 1 main (25 Sub) Arun Kochar 15450 14 Sub Prabodh Mehta 28000 2 main (5 Sub) Rajeev Gandhi 198000 7 main (25 Sub) Arun Mehta 2500 1 main Ramdev Pasvan 3500 1 main Naresh Goyal 145600 25 main (3 Sub) WikiLeaks on Swiss Bank Accounts as of 2nd August 2011 Image Courtesy : http ://pulsoslp.com.mx/wp-content/uploads/2014/07/bancarizado.jpg

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Image Courtesy : http://www.google.co.in/imgres?imgurl=http://i.ytimg.com/vi/iZF7UAU0KHc/0.jpg&imgrefurl=http://article.wn.com/view/2014/10/13/Brand_new_avatar_for_ageold_date_jaggery_NGO _ ties_up_with_BI /& h=360&w=480&tbnid=- sWjHPcZ05d8VM&zoom=1&tbnh=194&tbnw=259&usg=___EGFZMN9f-eGka98Yoc7hIMWMFs= Countrywise Back Money : Decade 2001-2010 China Mexico Malaysia Saudi Arabia Russia Philippines Nigeria INDIA Indonesia UAE $2,740 bn $476 bn $129 bn $210 bn $152 bn $138 bn $285 bn $123 bn $109 bn $107 bn

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