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Black Money Hunt Yet To Yield Results


Despite several official efforts to trace and recover black money India has not registered any major success, and investigation agencies are still struggling to estimate how much Indian wealth is parked in tax havens. While the Panama papers bring out yet another list of India's rich and influential who have parked money in tax havens, officials are grapping to find credible ways to verify a new estimate showing that over $505 billion (approximately Rs. 33,83,500 crore) has left India during the 2004-13 period.

Officials who have worked with the Special Investigation Team (SIT) on black money say that India is too far away from making any major breakthrough on the hunt for black money. “On our own there is very slim chance that we would be able to make any major breakthroughs," a senior official who has been integral part of SIT consultations said. He pointed out that all major databases on which action have been initiated have all come from foreign sources. “Be it HSBC Geneva or Liechtenstein, they have all come from abroad," he said.

Justice M.B. Shah, chairman of the SIT on black money, told The Media, “Lot of things have been done, but it cannot be seen easily." As an example, he pointed out that new restrictions are in place to control misuse of export-import facilities. Strict implementation of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 could lead better results, the former Supreme Court judge said.

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