Black money cases with slow progress

 IT department has been geared up and under huge pressure track down the black money cases. Out of the 628 cases reported 200 were non-traceable or non-residents while till date 128 cases have completed assessment. There are 428 actionable cases and IT department has to take action as soon as possible as they have time till 31st March. Till now 4,500 Cr of peak money is accounted.

Modi Govt is serious about bringing back the black money suspected to have 1.2 trillion dollar. Relation between India and Switzerland is strained taking the black money cases where India demanded to reveal the names of the account holders. Due to double taxation avoidance agreements India is fighting hard to get the details of account holders who have stashed black money in HSBC banks in Geneva.



India should adopt the strategy of giving incentives to whistleblowers or it should be stricter like US to banks that facilitated the account holders to stash black money.

 

By Dipti Prasad Padhi

By : | Category : Politics| Sub Category : Regional|Date : February 22,2015

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