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Black Money

News and Press Release - Dated:- 23-7-2016 - There is no official estimation of the amount of stashed away abroad. Various non-governmental organizations and economists in the past have indicated certain estimations of illicit financial flows out of the country. Such estimations appear to be based upon different sets of facts, assumptions, presumptions, etc. leading to widely varying inferences, which lacked unanimity and reliability. The Government had commissioned a study, inter alia, on estim .....

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ch measures include policy-level initiatives; more effective enforcement action on the ground; putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration of information and its mining through appropriate use of information technology. Recent major initiatives in this regard include - (i) Constitution of the Special Investigation Team (SIT) on under Chairmanship and Vice-Chairmanship of two former Judges of Hon ble .....

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e Unit (FIU) for coordinated investigation into recent revelations in Panama paper leaks, (iv) Proactively engaging with foreign governments with a view to facilitate and enhance the exchange of information under Tax Treaties, (v) Renegotiation of existing tax treaties with other countries to bring the Article on Exchange of Information to International Standards and expanding India s treaty network by signing new Tax Treaties, (vi) Proactively furthering global efforts for Automatic Exchange of .....

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) Introduction of the Benami Transactions (Prohibition) Amendment Bill, 2015 to amend the Benami Transactions (Prohibition) Act, 1988 with a view to, inter alia, enable confiscation of Benami property and provide for prosecution, (ix) Initiation of the information technology based Project Insight by the Income Tax Department for strengthening the non-intrusive information driven approach for improving tax compliance and effective utilization of available information, (x) Other legislative measur .....

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