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| Details |
Case Code: CLFIN005
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| Case Length: 5 pages |
| Period: - |
| Pub Date: 2016 |
| Teaching Note: Not Available |
| Subject : Finance |
| Price:Rs.100 |
| Organization :Government of India |
| Industry :Indian Economy |
| Countries : - |
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Reigning in Black Money-Will the Indian Government Fulfill its Promise? |
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| In the year 2014, the National Democratic Alliance (NDA) in its election manifesto promised to bring back the black money stashed abroad in Tax Havens, and promised to initiate measures to curb the malaise of black money in India. NDA after forming government formed a Special Investigation Team (SIT) and enacted Black Money Act that aimed to curb black generation in the country. However, there has been no substantial progress in either curbing black money or in getting back the money stashed in tax havens.
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Issues: |
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- To discuss on various sources of black money and its impact on Indian economy
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- To debate on various policy measures initiated by the Indian government to curb black money in India.
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| Introduction |
| On May 11, 2016, the Ministry of Finance, Government of India (GoI), announced that in the previous two years (since 2014), the GoI had unearthed indirect tax evasions to the tune of Rs. 500 billion and had been able to trace Rs.210 billion of undisclosed income . The Narendra Modi-led National Democratic Alliance (NDA) government had promised in its election manifesto in the year 2014 that it would unearth the black money stashed abroad and take measures to curb the malaise in the country. Since the NDA government had won the elections in the year 2014, the GoI had initiated several measures to fulfill its promise. It had constituted a Special Investigation Team (SIT) and passed a bill “The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015” (Refer to Exhibit – I for Key Provisions of the Black Money Act) to overcome the challenge of curbing and recovering black money...
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Keywords |
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Black Money,Black Money Act,Illicit Money Transfers,Tax Evasions,Tax Havens,Panama Papers,NDA Government Election Manifesto-2014
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