To initiate the process of tracking down and bringing back black money stashed in foreign banks and offshore accounts

Inadequate Progress

BJP Task Force in 2011, estimated the amount of black money stashed in safe havens abroad to be about Rs. 25 lakh crore. Compared to this, Rs. 2,500 crore has been collected by the BJP government through an amnesty Scheme allowing people to declare their undisclosed wealth stashed abroad.

The BJP government enacted the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 which introduced stringent penalties and enhanced punishment for those with undisclosed income or wealth abroad.It came into effect from July 1, 2015, with the opening of the amnesty window. The Bill had proposed to amend the Prevention of Money Laundering Act (PMLA), 2002, which is yet to come through.

With regards to the Panama Paper Leaks, the government constituted a Multi- Agency Group (MAG) in April, 2016.  The group had been updating the apex-court appointed SIT on black money regarding progress made. However, on 18th April, the BJP government was required to submit all reports by the MAG so far, to the SC in sealed cover. The SC has asked the BJP government whether a SIT needs to be set-up to probe the off-shore accounts of Indians revealed in the Panama papers.

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