27 March 2011

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To study Black Money Trail Income Tax Department will spend more than Rs.7 Crore

To study Black Money Trail Income Tax Department will
spend more than Rs.7 Crore

The income tax department entered into MoU with

1-National Council for Applied Economic Research (NCEAR)

2-National Institute of Public Finance and Policy (NIPFP)

3-National Institute of Financial Management (NIFM)

for conducting the study on unaccounted income generated inside and outside the country at a total cost of over Rs 7 crore.

They have been given 18 months to complete the study and also suggest administrative and legal measures to prevent generation of black money

The three institutes would also suggest methods to be employed for bringing to tax unaccounted money kept outside India.

They will also study and identify important sectors of the economy in which unaccounted money in generated and examine causes and conditions that result in such unaccounted money.

They will also suggest ways and means for detection and prevention of unaccounted money and bringing the same into the mainstream of economy".

In 1985 also same thing happened. Do not know what happened to those recommendations.

The first study on unaccounted money was conducted by NIPFP way back in 1985.

Do you think this is also wastage of Rs.7 Crore to study black money?

The solution is simple to stop the creation of black money in India.
Ban and stop the use of big currency notes.
Establish separate courts, speedy trial and life imprisonment to black money holders without any pardon. Only dead body should come out of the jail.

This will solve the black money problem.

Reality views by sm –
Sunday, March 27, 2011

Suggested Reading –
Simple and Effective solution to deal with problem of Black money:

Keywords Tag – Black money study, Black Money Trail


Apanatva March 28, 2011  

As usual very informative post ....

sm,  March 28, 2011  


Jon March 28, 2011  

looking at all the studies i dont think anything is going to happen anytime soon!!!

But then ur suggestions too are too theoretical!!

sm,  March 28, 2011  

Please explain me more your answer.

BK Chowla, March 29, 2011  

Even from this budget,they will take away a large sum. Sorry, it is credibility deficit

SM April 01, 2011  

BK Chowla,,