Blackmoney: 4 Narendra Modi steps to bring back Rs 90,000 cr

Jul 26 2014, 19:11 IST
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Finance ministry has maintained from the start that not much data on blackmoney exists. Finance ministry has maintained from the start that not much data on blackmoney exists.
SummaryNarendra Modi govt firm in resolve to bring back blackmoney...

The Narendra Modi government is firm in its resolve to bring back blackmoney stashed away in tax havens, said finance minister Arun Jaitley in his reply to the debate on the Finance Bill in Parliament. Countering the remarks made by a BJP MP that “We will not be able to bring back blackmoney from Switzerland in our lifetime”, Jaitley said “Country will not have to wait for long for bringing back blackmoney”.

The government has identified a number of steps to curb the blackmoney menace:

1. Setting up of a Special Investigation Team (SIT), chaired and vice-chaired by two former judges of the Supreme Court to look into money stashed abroad

2. Joining the global efforts to combat cross-border global tax evasion and tax fraud, and to promote international tax compliance

3. Taking appropriate legislative measures such as reporting of assets (including bank accounts) kept outside the country

4. Renegotiation of Double Taxation Avoidance Agreements (DTAAs) with other countries to bring the Article on Exchange of Information to International Standards

5. Proactively engaging with foreign governments for exchange of information

The Finance ministry, however, maintained from the start that no such data on blackmoney exists. The details of searches and surveys by the I-T department in the last three years are shown in the following chart.

Blackmoney data

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