28 October 2014

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How much Black Money Generated within India each year each day

How much Black Money Generated within India each year or each day

A 1000-page report by the Finance Ministry's NIPFP, submitted to
Finance Minister Arun Jaitley says the black money generated every year within India between 1980 and 2007 ranges from 45% to 70% of GDP.

That puts annual black money generation within India at over $ 1 trillion a year or close to $ 3 billion a day

According to a one recent report The Income Tax Department detected undisclosed incomes totalling Rs. 90,390 crore in IT surveys and Rs. 10,791 crore in search operations across the country in 2013-14

There has been a 367% increase in 'detection of undisclosed income'

A December 2013 report by the Global Financial Integrity (GFI), a non-profit research and advocacy organization, places India in 5th position on 'illicit financial outflows' category

India's illicit financial outflows steadily increased it increased by a massive 196% from 2009 to 2011.

How much 'black money' do Indians have abroad?

senior BJP leader L.K. Advani, who was India's deputy prime minister and home minister during the regime of the National Democratic Alliance (NDA) till 2004. Advani, as a key opposition leader, had said in 2011 that some Rs.28 lakh crore (around $466 billion) was stashed away illegally in bank accounts overseas.

In 2011 BJP had estimated the black economy at between $500 billion and $1.4 trillion.

One report of the Swiss Banking Association in 2006, said black money of Indians overseas was placed at $1.46 trillion.

GFI esearch finds that India lost $343.9 billion to illicit outflows from 2002 to 2011

Others say more than 400 Lakh Crore black money Indians kept in swiss banks or out side of India

Why this is happening?

No strict laws

No Shame Policy

No heavy fines to teach a lesson and make a rich man a beggar man with a fine.

Everything is possible if government has a will

Germany showed will, bought the stolen list

US showed the power and Swiss banks obeyed

Good example of law US -
America taxes its citizens—and even permanent residents—on their worldwide income regardless of where they live.
In 2009, the IRS struck a groundbreaking deal with UBS for $780 million in penalties and American names. Recently, Credit Suisse took a guilty plea and paid a record $2.6 billion fine, and over 100 other Swiss banks have settled.

FATCA—the Foreign Account Tax Compliance Act—
FATCA requires foreign banks to reveal Americans with accounts over $50,000. Non-compliant institutions could be frozen out of U.S. markets, so everyone is complying.
Jail terms and fines those are other laws 

More than 80 nations agreed to the law, as have 77,000 financial institutions.
Tax havens have joined up, China did too, and even Vladimir Putin signed a law agreed to comply

Where is Power of Indian Government?

Reality views by sm –

Tuesday, October 28, 2014

Tags – India Black Money Amount


Kirtivasan Ganesan October 28, 2014  

Law says a theft of one rupee is same as theft of 1 lakh rupee.
Every Indian can earn one rupee. But some poor may steal this one rupee on the instruction of rich. The rich will give 10 rupee to the poor. Because the law treats theft of 1 rupee same as theft of 1 lakh rupees, he will blackmail lawyers using the poor as dummy and get duplicate bank guarantees. Then, he becomes more rich.
What to do? Our country is like that.