Odisha black money haul shoots up to Rs 270 crore
The bankers are having a tough time to keep count of the black money haul after the seizure of "unaccounted" cash in the wake of the Income Tax Department raid on an Odisha-based distillery group.
The bankers are having a tough time to keep count of the black money haul after the seizure of "unaccounted" cash in the wake of the Income Tax Department raid on an Odisha-based distillery group.
Many methods have been tried for elimination of black money; we had several rounds of demonetisation, several voluntary disclosure schemes, some schemes to regularise undisclosed foreign assets, and so on. The only commonality between all such measures was their failure to prevent generation of black money. Strategically declaring their black money, tax evaders took full advantage of the frequently announced Government schemes. However, not many of the tax evaders discontinued their tax evading ways, so, after a few years, things came back to square one
the former Union Minister said: "Banks have clarified that no identity, no forms and no proof will be required to exchange the Rs 2,000 notes
"The black money issue has been dealt with by a bilateral treaty between Switzerland and India in 2018 on the automatic exchange of banking information between Switzerland and India (in both directions)," said Heckner.
The plea said that India has been ranked at the 80th position among 180 countries and territories in the Corruption Perception Index (CPI)
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Following on the Indian government's drive to curb black money, the ministers discussed the activation of automatic exchange of information.
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