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Black Money – Do we need a new Law ?

Whether we need a new “comprehensive law to deal with black money parked abroad” as proposed by Budget 2015. Or would existing laws backed by intent suffice?

More to the point, extant global financial architecture facilitates transfer of illicit money through the Hawala route first to a Tax Haven, only to launder it in specialised locations like London.

"There are 42,800 persons - let me repeat, only 42,800 persons - who admitted to a taxable income exceeding Rs 1 crore per year." That was the then Finance Minister [FM] Mr. P Chidambaram in para 126 in his Budget speech of 2013-14 in February 2013.

In a way this statement of the then FM was a candid confession of the complete failure of our Income-Tax department, revenue intelligence and associated authorities in fighting the menace of Black Money within the national economy.

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