Steps taken by India to tackle black money

Jan 25, 2011 |

IANS

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-Constituted multidisciplinary panel to estimate illicit fund generated by Indians

-Vice-chair of Global Forum on Transparency and Exchange of Information for tax purposes

-Joined the Task Force on Financial Integrity and Economic Development

-Member of Financial Action Task Force to trace terror funds

-Member of of UN Tax Committee and Sub Committee on Transfer Pricing

-Member of Eurasian Group on money laundering, tax evasion

-Signed double taxation avoidance agreements with 79 countries

-Negotiating with 65 countries to modify double taxation avoidance agreements

-Talks for new double taxation avoidance agreements with 15 countries

-Prioritized 22 countries/jurisdictions, called tax havens, for signing tax information exchange pacts

-Proposed eight income tax overseas units in addition to those in Singapore, Mauritius

-Amended Prevention of Money Laundering Act in 2009 to make it more stringent

-Proposed new legislation for unearthing black money under the Direct Taxes Code Bill

-Setting up Exchange of Information Cell to share information to curb tax evasion

-Detected undisclosed income of Rs.15,000 crore in last 18 months

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