- Narendra Modi’s government will now investigate the black money hidden in abroad
- BJP was on talks about appointing a Special Investigation Team (SIT) from since years will now be implemented
- In the past though there was an active partnership with other countries in global efforts to get evasion-friendly jurisdictions to shed their obsession with banking secrecy has never been serious on retrieving the money hidden abroad
- The SIT is a high-level committee named by the Supreme Court and is headed by veteran judges, ncludes the Secretary, Department of Revenue; the Deputy Governor of the Reserve Bank of India, and the heads of the Intelligence Bureau, the Research and Analysis Wing, the Enforcement Directorate, the CBI, the Central Board of Direct Taxes and a few other agencies.
- This task would be tedious and comes with a lot of complexities involved because one has not estimated how much of money has been parked outside the country
- The government’s 2012 white paper on black money put the amount that Swiss banks owed to India in 2010 at 1.95 billion Swiss Francs, or 0.13 per cent of its total liabilities towards all countries
- A set of global standards evolved by the OECD on ‘Automatic Exchange of Information in Tax Matters’ is likely to come into force around 2017 which will throw light on the balances and how to record them
- Read at: http://www.thehindu.com/
todays-paper/tp-opinion/a- formidable-task/ article6063883.ece
Exams Perspective: