Black Money in Forign Banks
Indian black money
From Wikipedia, the free encyclopedia
In India, Black money refers to funds earned on the black market, on which income and other taxes has 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.[1] Other reports, including those reported by Swiss Bankers Association and the Government of Switzerland, claim that these reports are false and fabricated, and the total amount held in all Swiss banks by citizens of India is about US$2 billion.[2][3]
In February 2012, the director of the Central Bureau of Investigation said that Indians have $500 billion of illegal funds in foreign tax havens, more than any other country.[4][5] In March 2012, the Government of India clarified in its parliament that the CBI Director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.[6]
Contents [hide]
1 Black money in Swiss banks
2 Court cases
2.1 Supreme Court on black money
2.2 Hasan Ali case
3 Estimates of Indian black money
4 Public protests and government's response
4.1 MC Joshi committee on black money
4.2 Tax Information Exchange Agreements
5 Proposals to prevent Indian black money
5.1 Reducing disincentives against voluntary compliance
5.2 Economic liberalization
5.3 Reforms in vulnerable sectors of the economy
5.4 Creating effective credible deterrence
5.5 Supportive measures
5.6 Amnesty
5.7 International enforcement
6 See also
7 References
[edit]Black money in Swiss banks
In early 2011, several reports in Indian media alleged Swiss Bankers Association officials to have said that the largest depositors of illegal foreign money in Switzerland are Indian.[1][7] These allegations were later denied by Swiss Bankers Association as well as the central bank of Switzerland that tracks total deposits held in Switzerland by Swiss and non-Swiss
From Wikipedia, the free encyclopedia
In India, Black money refers to funds earned on the black market, on which income and other taxes has 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.[1] Other reports, including those reported by Swiss Bankers Association and the Government of Switzerland, claim that these reports are false and fabricated, and the total amount held in all Swiss banks by citizens of India is about US$2 billion.[2][3]
In February 2012, the director of the Central Bureau of Investigation said that Indians have $500 billion of illegal funds in foreign tax havens, more than any other country.[4][5] In March 2012, the Government of India clarified in its parliament that the CBI Director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.[6]
Contents [hide]
1 Black money in Swiss banks
2 Court cases
2.1 Supreme Court on black money
2.2 Hasan Ali case
3 Estimates of Indian black money
4 Public protests and government's response
4.1 MC Joshi committee on black money
4.2 Tax Information Exchange Agreements
5 Proposals to prevent Indian black money
5.1 Reducing disincentives against voluntary compliance
5.2 Economic liberalization
5.3 Reforms in vulnerable sectors of the economy
5.4 Creating effective credible deterrence
5.5 Supportive measures
5.6 Amnesty
5.7 International enforcement
6 See also
7 References
[edit]Black money in Swiss banks
In early 2011, several reports in Indian media alleged Swiss Bankers Association officials to have said that the largest depositors of illegal foreign money in Switzerland are Indian.[1][7] These allegations were later denied by Swiss Bankers Association as well as the central bank of Switzerland that tracks total deposits held in Switzerland by Swiss and non-Swiss