Map of, using the 2007 proposed ' In India, black money refers to funds earned on the, on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US$100.06 trillion is held illegally in Switzerland.

Other reports, including those reported by the and the, claim these reports are false and fabricated, and the total amount held in all by citizens of India is about US$2 billion. In February 2012, the director of India's said that Indians have US$500 billion of illegal funds in foreign, more than any other country. In March 2012, the government of India clarified in its parliament that the CBI director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011. On 8 November 2016, in a sudden address to the nation, Prime Minister announced that from midnight.

Early life and education. Narendra Modi was born on 17 September 1950 to a family of grocers in Vadnagar, Mehsana district, Bombay State (present-day Gujarat). E-Book: The Black Economy In India. Category: Uncategorised. Author: Arun Kumar. Rating: 3. The Strokes Comedown Machine Rar on this page. 3 of 5 stars. Original Format: N/A. Download Formats: azw, odf, pdf, epub, ibooks, fb2, mobi, lit, pdb, djvu, lrf. Publication date:. Publication City/Country:. Publisher: N/A. Language: N/A.

He said this decision was taken to crackdown on black money and corruption which is destroying the country. He also said that the process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. The number of I-T returns filed for 2016-17 grew by 25 per cent to 2.82 crores (compared to growth rate of 9.9% in the previous year), and the advance tax collections during that period rose 41.8% over the 1-year period, as increased number of individuals filed their tax returns post demonetization. By 28 December 2016, official sources said that the Income Tax department detected over ₹41.72 billion (US$650 million) of un-disclosed income and seized new notes worth ₹1.05 billion (US$16 million) as part of its country-wide operations. The department carried out a total of 983 search, survey and enquiry operations and has issued 5,027 notices to various entities on charges of tax evasion and hawala-like dealings. The department also seized cash and jewellery worth over ₹5.49 billion (US$86 million) out of which the new currency seized (majority of them ₹2000 notes) is valued at about ₹1.05 billion (US$16 million). The department also referred a total of 477 cases to other agencies like the CBI and the (ED) to probe other financial crimes like, and corruption.

Contents • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Source [ ] Some Indian corporations practice, by under-invoicing their and over-invoicing their from such as Singapore, UAE, and Hong Kong. Thus the promoters of the public limited companies who hold rarely more than 10% of share capital, earn black money abroad at the cost of majority share holders and tax income to the Indian government. By the year 2008, the cumulative Illicit Financial Out flows from the country touched US$ 452 billions. Politicians, political parties corrupt higher officials of government and its institutions take bribes from foreign companies and park or invest the money abroad in tax havens for transferring to India when needed.