Black Money in India - 962 Words

Swiss bank revealed India has more money than rest of the world This is so shocking.. ..If black money deposits was an Olympics event.. India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently, due to international pressure, the Swiss government agreed to disclose the names of the account holders only if the respective governments formally asked for it.. Indian government is not asking for the details... ..no marks for guessing why? We need to start a movement to pressurize the government to do so! This is perhaps the only way, and a golden†¦show more content†¦However, one may well be aware of Swiss bank accounts, the shorthand for murky dealings, secrecy and of course pilferage from developing countries into rich developed ones. In fact, some finance experts and economists believe tax havens to be a conspiracy of the western world against the poor countries. By allowing the proliferation of tax havens in the twentieth century, the western world explicitly encourages the movement of scarce capital from the developing countries to the rich. In March 2005, the Tax Justice Network (TJN) published a research finding demonstrating that $11.5 trillion of personal wealth was held offshore by rich individuals across the globe. The findings estimated that a large proportion of this wealth was managed from some 70 tax havens. Further, augmenting these studies of TJN, Raymond Baker - in his widely celebrated book titled Capitalism s Achilles Heel: Dirty Money and How to Renew the Free Market System - estimates that at least $5 trillion have been shifted out of poorer countries to the West since the mid-1970. It is further estimated by experts that one per cent of the world s population holds more than 57 per cent of total global wealth, routing it invariably through these tax havens. How much of this is from India is anybody s guess ... if IndiaShow MoreRelatedThe Issue Of Black Money1108 Words   |  5 PagesHOW CAN THE ISSUE OF BLACK MONEY IN INDIA BE AVOIDED INTRODUCTION In India, the term black money refers to the illegally procured income by the owner in the black market, such as drug trafficking, weapons trading, terrorism, goods supply to black market and lastly corruption which includes giving and taking bribes and illegal commissions, as this income is earned in the black market so evasion of custom duty, excise duty, corporation and income tax take place and it is used for fulfilment of personalRead MoreBlack Money1302 Words   |  6 PagesBlack money is hot topic of common debate in the country now. This article explains in easily understandable way the various aspects of black money, starting with defining black money, generation of black money, how black money is washed and used as normal money, and need to tackle the black money menace, and other related aspects    What does the term Black Money mean? Black money means,the money or income not declared for tax to the govt or relevant authorities, and hence the tax forRead MoreEffects Of Black Money On Indian Economy1679 Words   |  7 Pagesorigin of black money, the consequences of black money on Indian economy. In addition this section will anchor on how the economy is going to change if black money from around the globe is brought back to its country. This review will be done by studying and scanning of existing resources on Indian economy. It will also determine the policies made to stop generating black money in the first place. 2.2 Critical Review 2.2.1 origin black money There are many sources of generation of black money and someRead MoreMoney And Money For Money1240 Words   |  5 PagesSo, people who can explain how they earned the money also show that they been paying the taxes are allowed to keep it, but people with holding more than 250,000 rupees in cash has to explain the source of the money to tax authorities. People found them selves lacking the money for basic transactions, like buying supplies and retail businesses came to a standstill because people hoarded the little cash they had for supplies. The government did not print the new bills until after the announcement andRead MoreWhat Do You Mean By Black Money? Essay824 Words   |  4 Pagesmean by black money? Are you familiar with the biggest shelter of black Money in the world? How much money they reserve and from where it came? Black Money is also called as Illegal Money. Swiss bank is considered as one of the biggest shelters of black money in the whole world with the most amount o f money coming from South Asian countries especially India. Indians tops the list with the largest amount of money stashed in the Swiss Bank. Despite numerous attempts at bringing back black money to IndiaRead MoreCashless Indi A New Beginning Essay1429 Words   |  6 PagesCASHLESS INDIA: A NEW BEGINNING Introduction: The Indian Economy post Economic Reforms of 1991 has witnessed drastic growth and development coupled with higher international integration at the global platform. Among various other emerging markets, India promises higher investment returns, which can be further attributed to many factors. The economy of India is seventh-largest in the world in terms of nominal GDP and third-largest in terms of purchasing power parity(PPP)Read MoreModi s Policy And Trump Win : Top 8 Economic Changes Expected Essay816 Words   |  4 PagesTrump Win: Top 8 Economic Changes Expected In Coming Months In the past 15 days, we have witnessed some unbelievable things happening in India and the USA. On November 8, 2016, the Prime Minister of India announced that all currency notes of 500 and 1000 denominations will no longer be valid after four hours from the announcements. Suddenly, the sun rose in India in the night and people start making serpentine queues in many ATM’s and banks. If this action-packed thriller was not enough, the otherRead MoreThe Black Death Of India And The Peasant s Revolt1688 Words   |  7 Pagesexamine the causes and affects of the Black Death in India and the Peasant’s Revolt in England, during the medieval period lasting from the 5th century to the 15th century (500-1500s). Throughout the report, information will include significant individuals involved or affected by the event, a significant occurrence during each event, and finally the interconnections that can be established between the Peasant’s Revolt and Black Death. The Black Death The Black Death is said to be the worst catastropheRead MoreNepal s Effect On India1322 Words   |  6 PagesBackground Nepal’s geography has made Nepal economically dependent on India as it is surrounded on three sides by India and on one (to its north) with the Himalayan range and the region of Tibet. After the devastating earth-quake in Nepal, the country was hit by another humanitarian crisis this time due to a blockade at a crucial crossing on the border with India, which halted oil and other essential supplies landlocked Nepal obtains from its giant neighbor. The unveiling of a new constitution inRead MoreEssay about Native American569 Words   |  3 Pagesstudent shouted it out to the teacher in 5th grade. It finally clicked in my mind that Indians are people from India not America. Native Americans were always portrayed to be accepting culture when confronted with the Europeans during Thanksgiving. In elementary school, everything is happy. I don’t even remember learning American history. Columbus sailed the ocean blue, thought he was in India, and started the trend of labeling Native Americans as â€Å"Indians†. In junior high school, I learned more about