India Has Already Recovered About Rs 3,500 Crore In Black Money

[sarang]

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The Supreme Court-appointed Special Investigation Team (SIT) on black money expects the income tax department to recover Rs 10,000 crore by March 31 as tax and penalty for tax evasion from 300-odd Indians who held illegal accounts in Swiss banks. "Under the supervision of the SIT, the I-T department has already recovered around Rs 3,500 crore from some of the account holders. As these are old accounts, the assessment proceedings have to be complete by March 31 and we expect the I-T department to net another Rs 6,500 crore by that time," SIT vice-chairman Justice Arijit Pasayat told TOI.He agreed that what was unearthed till now, from the data given by the French government, was only a miniscule portion of the number of foreign accounts held by Indians abroad for the purpose of parking illegal money. "That is why we have gone public seeking information from all sources about Indians holding accounts abroad to stash black money. Half of the 628 Swiss bank accounts, information about which was given to India by France, was held either by Non-Resident Indians or were legitimate accounts. Rs 10,000 crore is expected to be recovered from the rest on completion of assessment proceedings," Justice Pasayat said.

"Under the supervision of SIT, the customs and excise department has initiated proceedings for recovery of Rs 15,000 crore in tax evasion just from mis-invoicing. These adjudication proceedings will be completed within a fixed time frame and we can expect the money to come within a year," Justice Pasayat said.

The SIT vice-chairman said under its guidance, the Enforcement Directorate has attached property worth Rs 4,000 crore from persons who generated ill-gotten money through bogus chit funds and offences under Prevention of Corruption Act in West Bengal, Odisha and Andhra Pradesh. "Practically, we expect government agencies to net around Rs 30,000 crore within a year," he said.
Modi Government Says India Has Already Recovered About Rs 3,500 Crore In Black Money

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[vgane]

Good! But much more needs to be done swiftly as promised earlier!

 

[sarang]

I believe SIT too has echoed the views of IB chief doval and swamy that all foreign accounts must be frozen and nationalised unconditionally, and unfrozen in a very short time if the holder manages to convince and pay the dues. If this is accepted by the SC and law is amended, progress will be big and swift.
The govt has made enormous progress in simplifying procedures, transparency and multiple interfaces. Litigation route will only lead to inordinate delay with no guarantee of either punishment or recovery.

 

[prasad1]

A whopping USD 1.7 trillion of Indian black money was allegedly stashed away in Swiss banks between 2002 and 2006. The amount is more than the rest of the world's black money balance in Swiss banks. This is according to a Swiss Banking Association report and reinforced by a Public Interest Litigation against the government in the Supreme Court. But can this black money ever be recovered by Indian authorities?

CNBC-TV18's Ashwin Mohan examines. A sluggish Indian economy would definitely welcome the USD 1.7 trillion, or Rs 70 lakh crore, legally routed back to its financial system. But experts believe that the Indo-Swiss tax treaty needs to be amended first. Only then, will Switzerland have powers to co-operate with Indian revenue authorities. But how do you deal with Indian black money possibly concealed in other 60 odd tax havens? Tax Lawyer Porus Kaka said, "Right now, we are only at exchange of information situation. Therefore, all you can do is ensure that unaccounted funds are added to the tax of the resident assessee and you can recover it from assets in India. You will not be able to sort of seize those monies and bring them back to India, unless you have an assistance in collection article with tax havens."

Read more at: Can black money be recovered? - Moneycontrol.com

 

[prasad1]

But no money has been recovered yet, Jethmalani's lawyer Anil Divan told the bench comprising chief justice of India HL Dattu and justices Madan B Lokur and AK Sikri.

"Not a single rupee has been brought back in the last six months," Divan said. "There might have been some attachment, raid here and there."
Jethmalani said the government's response on the issue was a "total disappointment". "I am not recovering my money, but the nation's money. Till a legislation is passed, not a farthing will come," he said. "I drafted a law and sent a copy to the Prime Minister. It has been passed on to the finance ministry. Are they in favour of this legislation? If they don't want to do it, they should let it be known. Otherwise, I will go to the real sovereign — the people."


The chief justice was clear on the issue of the government sharing the names of those holding such money abroad with the public — a demand made by lawyer Prashant Bhushan. "We are interested in recovering the black money and not in the names," Dattu told Bhushan, when he argued that the government should make public the names of those who had admitted to holding such accounts abroad and had been allowed to pay taxes and penalties on it.

http://articles.economictimes.india...7_1_india-hl-dattu-ram-jethmalani-black-money