Black Money refers to the amount of money earned through funds on which no taxes have been paid not even income.Few facts that you probably didn’t know
- USD 94.76 billion (or Rs 6 lakh crore) was hidden abroad in the year 2012.
- India ranks third in hiding it’s own money abroad.
- India contributed 10% of the billions illegally moved out of developing and emerging nations. USD 991.2 billion was moved out of developing and emerging nations and Indians shipped out 1/10th of that which was a crime.
- There is a Rs 4,479 crore in bank accounts overseas that has not been accounted for and that is only in HSBC’s Geneva (Switzerland) branch also a government special investigation team is investigating Rs. 14,958 crore in unaccounted wealth.
- India is on the list of “Twenty Largest Export Under-Invoicers with Respective Export Proceeds Requirements” in the fifth position.
(to explain it simply it would mean that an indian business man sells his goods abroad each worth rupees 5 and claims it of rupees 4 on the invice so as to pay lesser taxes and duties.Here 1 Rupee is Black Money.)
- Prime Minister Narendra Modi has promised to bring every penny of black money abroad back to India.
- There is a common agreement among scholars that most of the black money generated in India is no more in Swiss banks.It has come back in India through trade in the form of white money or has reached taxation Havens.
- A 2011 study on foreign direct investments (FDI) in India by Chalapati Rao and Biswajit Dhar estimates that up to half the investments could be a result of round-tripping. Money held by Indians as a share of total money in Swiss banks was 0.29% in 2006 and slipped to 0.13% in 2010, which clearly shows that Indians don’t have much of their money over there.(only if considered accounted money)
- Another study also mentions that in the developing world, including India, corporate tax evasion is responsible for 60% of overall black income, criminal activities are responsible for 35%, while corruption, which has caused much of news in India, accounts for only 5%.
- While the reduction in personal income tax rate from nearly 100% in the 1970s to under 30% now has reduced tax evasion.
- Here are some of the names that have been put up according to Indian News media as to mention the names of Black money holders
1- Ashok Gehlot (220000)2- Rahul Gandhi (158000)Advertisement
3- Harshad Mehta (135800)
4- Sharad Pawar (82000)
5- Ashok Chavan (76888)
6- Harish Rawat (75000)
7- Sonia Gandhi (56800)
8- Muthuvel Karunanidhi (35000)
9- Digvijay Singh (28900)
10- Kapil Sibal (28000)
11- Rajeev Gandhi (19800)
12- Palaniappan Chidambaram (15040)
13- Jayaram Jaylalitha (15000)
14- Kalanithi Maran (15000)
15- HD Kumarswamy (14500)
16- Ahmed Patel (9000)
17- J M Scindia (9000)
18- Ketan Parekh (8200)
19- Andimuthu Raja (7800)
The topic of Indian black Money is more like detective suspense film which unfolds with something that just shocks everybody.Lets just hope that India progresses in the future without any hindrance of Black Money.
Here is our politician Rahul Gandhi’s view on black money
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