Why is government reluctant to retrieve funds stashed abroad?
Description
The Enforcement Directorate is not inclined to reveal even the total volume of such illegal money. A possible reason for this could be the complicity of our leaders. The Global Financial Integrity a non-profit research organisation working in the area of tax havens has estimated that the present value of illegal financial flows of India held abroad is at least US$462 billion. This means that the money stashed abroad is nearly 40% of our GDP of US$1.2 trillion. When this became an issue before the last Parliamentary elections, some leaders in the ruling party denied the issue outright. But the current prime minister was gracious enough to acknowledge the gravity of the issue and promised action on coming to power. Since then the whole world has moved against the menace of untaxed money. But the Indian response has been just symbolic, like signing tax treaties, with no decisive attempt to get at the root of the problem. Read more at: https://www.dnaindia.com/analysis/main-article-why-is-government-reluctant-to-retrieve-funds-stashed-abroad-1489965
Copyright Date
January 2011
Publication Date
3-1-2011
Publication Title
DNA
Publisher
Diligent Media Corporation Ltd.
Keywords
Black money, Illegal money, Indian economy, Corruption, Taxation
Source Link URL
https://www.dnaindia.com/analysis/main-article-why-is-government-reluctant-to-retrieve-funds-stashed-abroad-1489965
