Rs. 120 lakh cr. ($2 trillion) Black money stashed abroad -- Assocham. SoniaG family share: Rs. 90 lakh cr. -- Ramjethmalani. NaMo, get kaalaa dhan back for distribution to poor.
Yes, the country needs NaMo to take tough decisions. This is one issue on which the nation will give full support if tough decision of an ordinance is issued nationalising kaala dhan held in tax havens abroad and force the money to be brought back into India's financial system.
The draft bill for such a nationalisation was presented in a private member's bill by Senior Advocate Fali Nariman. This nationalisation will be more meaningful than the nationalisation of private banks by Indira Gandhi justified under a Directive Principle of State Policy.
THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT,1970 ACT NO. 5 OF 1970 [31st March, 1970.] B An Act to provide for the acquisition and transfer of the undertakings of certain banking companies, having regard to their size, resources, coverage and organisation, in order to control the heights of the economy and to meet progressively, and serve better, the needs of development of the economy in conformity with national policy and objectives and for matters connected therewith or incidental thereto.
Holding stolen Indian monies kaala dhan abroad is an act tantamount to treason.
The non-payment of taxes is a criminal offence of violation of the financial system of the nation. The holding of stolen monies abroad is treason because such monies are not deployed for the benefit of the nation but for some foreign entities. There should be no exemptions granted for such offences of kaala dhan treason.
Citing tax treaties with tax havens is a cop-out and an excuse offered by the Ministry of Finance to avoid pursing rigorous action to bring such kaala dhan back into the Indian financial system.
The ordinance nationalising kaala dhan can provide for only valid exemptions related to transacting of legitimate business transactions.
The ordinance should state that all kaala dhan monies held by Indian citizens abroad are declared as national property of the sovereign nation and the banks in foreign tax havens are obligated to return the monies into India's financial system through the Reserve Bank of India.
It is not beyond the competence of Indian tax and financial experts to define kaala dhan held in tax havens abroad.
NaMo should request SIT on Black Money headed by Justice Shah should draft such an ordinance without any further delay.
Kalyanaraman
Black Money Stashed Abroad Seen at R
s. 120 Lakh Crore: Assocham
NDTV | Written By: Varun Sinha | Updated On: June 20, 2014 22:12 (IST)
A study by industry body Assocham says nearly $2 trillion or Rs. 120 lakh crore of Indian black money is stashed overseas. Assocham's black money estimate is more than the country's nominal GDP, which stood at Rs. 114 lakh crore or $1.9 trillion in 2013-14.
So far, there is no official estimated of black money in India though the issue has attracted a lot of attention in the recent past. Assocham's estimate is higher than various earlier estimates, which have pegged the quantum of black money between $ 500 billion to $ 1.4 trillion.
A study commissioned by the UPA government in March 2011 to assess the quantum of black money stashed in India and abroad is yet to be completed. The study was expected to be completed within 18 months. (Read the full story here)
On his very first day in office, the new government headed by Prime Minister Narendra Modi constituted a Special Investigation Team or SIT to unearth and bring back black money stashed away abroad. Assocham said it will submit its proposals to the newly-constituted SIT.
Ved Jain, chairman of direct taxes council at Assocham, said the new government should come out with a six-month amnesty scheme to will facilitate transfer of black money after payment of 40 per cent tax.
In the United States, more than 14,700 tax payers took advantages of such a scheme, Assocham said. A similar move in Germany saw 20,000 taxpayers make a voluntary disclosure leading to 4 billion Euros in additional revenues for the German government, it noted.
The industry body also called for uniform stamp duty rates across the country to curb under reporting of property prices. Other experts also agree that high stamp duty is one of the big reasons for the sharp rise in black money in real estate transactions.
According to Maadhav Poddar of EY cascading effect of stamp duty has been a major reason for non-registration of deals and for alternate conveyance options leading to creation of black money.
"Introduction of uniform stamp duty rates and stamp duty credit will reduce costs for ultimate buyers and foster transparent deals," he said.
Circle rates, or the minimum rate for selling properties, should be notified every year to make them as good as the prevalent market rate, Assocham noted.
Many Indians working abroad use illegal and parallel transactions to send money home, Assocham noted. Besides, the recent restrictions on gold import have also led to increase in smuggling and black money, the industry body noted.
Assocham also called for transparency in political funding to remove the menace of black money.
(Conversion: 1 dollar = 60 rupees)
(With inputs from agencies)
http://profit.ndtv.com/news/economy/article-black-money-stashed-abroad-seen-at-rs-120-lakh-crore-assocham-545276
Posted at pmindia.nic.in
Rs. 120 lakh cr. $2 trillion Black money stashed abroad -- Assocham. SoniaG family share: Rs. 90 lakh cr. -- Ramjethmalani. NaMo, get kaalaa dhan back for distribution to poor.
Yes, the country needs NaMo to take tough decisions. This is one issue on which the nation will give full support if tough decision of an ordinance is issued nationalising kaala dhan held in tax havens abroad and force the money to be brought back into India&39s financial system.
The draft bill for such a nationalisation was presented in a private member&39s bill by Senior Advocate Fali Nariman. This nationalisation will be more meaningful than the nationalisation of private banks by Indira Gandhi justified under a Directive Principle of State Policy to serve the needs of development of the economy.