India’s new Prime Minister Narendra Modi didn’t waste much time: Among his first acts on his first day in office was to make it a priority to recover billions of dollars stashed overseas to avoid taxes.
Within 24 hours of his May 26 inauguration, Modi created an investigative team of former judges and current regulators to find the concealed assets, known as black money, and bring them back. At stake is what’s estimated to be as much as $2 trillion, more than India’s annual gross domestic product.
“It will send out a loud and clear signal to all tax evaders,” said Arun Kumar, author of “The Black Economy in India” and an economics professor at Jawaharlal Nehru University in New Delhi, who calculated the $2 trillion figure. “There was always a lack of political willpower, and I hope it will be different this time.”
India is joining countries including the U.S. and Britain in cracking down on rich people who haven’t reported offshore funds. The nation ranked third in the world for money illegally moved overseas in 2011, behind China and Russia, according to a 2013 report by Global Financial Integrity, a Washington-based group researching cross-border money transfers. High-net-worth individuals and private companies are the “primary drivers of illicit flows,” the group said in a 2010 report. Full story...
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Within 24 hours of his May 26 inauguration, Modi created an investigative team of former judges and current regulators to find the concealed assets, known as black money, and bring them back. At stake is what’s estimated to be as much as $2 trillion, more than India’s annual gross domestic product.
“It will send out a loud and clear signal to all tax evaders,” said Arun Kumar, author of “The Black Economy in India” and an economics professor at Jawaharlal Nehru University in New Delhi, who calculated the $2 trillion figure. “There was always a lack of political willpower, and I hope it will be different this time.”
India is joining countries including the U.S. and Britain in cracking down on rich people who haven’t reported offshore funds. The nation ranked third in the world for money illegally moved overseas in 2011, behind China and Russia, according to a 2013 report by Global Financial Integrity, a Washington-based group researching cross-border money transfers. High-net-worth individuals and private companies are the “primary drivers of illicit flows,” the group said in a 2010 report. Full story...
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