Thursday, 05 March 2015 22:00
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?
Saturday, 30 August 2014 12:29
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.