Centre files affidavit in SC over black money issue
The government has also opened suspected cases to recover the black money.
By ET Online |
NEW DELHI: The cntral government on Saturday filed an affidavit in the Supreme Court over black money deposited in various banks outside the country. The move came after a PIL was filed by eminent lawyer Ram Jethmalani.
The government has also opened suspected cases to recover the black money.
The US-based Global Financial Integrity (GFI) has placed India fifth on a list of 160 developing nations facing capital flight through illicit channels and its report says that annual illicit financial outflows from India during 2002-06 were between $22.7 billion and $27.3 billion.
The GFI ranks China, Saudi Arabia, Mexico and Russia ahead of India, all countries with high incidence of tax evasion. While some skirt high taxes by underhand means, others do so openly.
Advani, the BJP's prime ministerial candidate, on April 17 had released a report of the party's task force that pegged Indian wealth in Swiss banks and other offshore tax havens between USD 500 billion and USD 1.4 trillion (more than the size of the Indian economy).
The government has also opened suspected cases to recover the black money.
The US-based Global Financial Integrity (GFI) has placed India fifth on a list of 160 developing nations facing capital flight through illicit channels and its report says that annual illicit financial outflows from India during 2002-06 were between $22.7 billion and $27.3 billion.
The GFI ranks China, Saudi Arabia, Mexico and Russia ahead of India, all countries with high incidence of tax evasion. While some skirt high taxes by underhand means, others do so openly.
Advani, the BJP's prime ministerial candidate, on April 17 had released a report of the party's task force that pegged Indian wealth in Swiss banks and other offshore tax havens between USD 500 billion and USD 1.4 trillion (more than the size of the Indian economy).
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
