According to this economic times article the amount of black money in india in cash is 65 lakh crores which is around 5% of the total black money india have, and this wont put any pressure on the 1% rich people who have most of the black money instead this move created more chaos in already chaotic market. Find black money latest news, videos & pictures on black money and see latest updates, news, information from ndtvcom explore more on black money.
People use all illegal method to convert black money to white10 ways to convert black money to white home » money & wealth » 10 ways to convert black money to white 10 ways to convert black money to white that rbi and the government can take appropriate action by formulating strict rules to remove black money from india i am. Switzerland, india enter data exchange pact over black money details business | press trust of india | sunday august 6, 2017 the deal will open a continuous access to details about alleged black money hoarders in once-all-secret swiss banks.
The 500 ($7 £6) and 1,000 ($15 £12) rupee notes are the highest denomination notes in the country and are extremely common in india airports, railway stations, hospitals and fuel stations will only accept them until 11 november. Mumbai, india — in one of the most audacious experiments in india’s modern history, prime minister narendra modi banned the two largest bills — of 500 rupees, or about $750, and 1,000.
Simply black money is the money for which the taxes yet paid if the people in india is honest in their work half of the black money can be abolished then eventually if the corruption is abolished the politicians and rich peoples who hide their money will be noticed and most of the black money could me abolish.
Fight against black money was one of the key manifesto promises of the bjp for 2014 lok sabha elections as a prime ministerial candidate, narendra modi had promised to bring back black money stashed in foreign banks in the last four years, the narendra modi government has taken a series of steps to check black money generation.
India has a large amount of what is known as “black money,” meaning cash or any other form of wealth that has evaded taxation according to a 2010 world bank estimate, the most reliable available, the shadow economy in india makes up one-fifth of the country’s gdp. There is no direct way to judge the amount of black money in india, but as per report black money in swiss bank accounts is approximately usd $2 billion archit: much has been discussed about the ills of black money. Black money - get latest news on black money money from india in swiss banks sees 50% rise to over rs 7,000 crore the idea behind the cbdt directive is that the legal provision of filing a revised or belated itr is not misused and black income is not shown as white in the aftermath of demonetisation by a taxpayer nov 26, 2017, 15:02.
New delhi: in a big step towards fighting black money stashed overseas, switzerland today agreed to automatic sharing of information with india on swiss bank accounts of indians as of september 2018 and onwards they will not share details about accounts held prior to that period, while the first. What is black money there is a perception that black money is bad money bad for the nation and bad for the economy not really in the first place, we need to understand the meaning of black money black money is explained as money earned on which no income tax is paid to the government.
Income tax department tapping data for black-money 3 sep, 2018, 1036am ist in addition, tax officers are looking to mine data available with the reserve bank of india, which allows indians to send $250,000 overseas annually under the liberalised remittance scheme, without any questions asked. In india, black money is funds earned on the black market, on which income and other taxes have not been paid also, the unaccounted money that is concealed from the tax administrator is called black money the black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of the society.