Efforts To Tightening The Noose Of Black Money

    Indian Government is under immense pressure from different section of society like Political Parties, General Public, Supreme Court and Intellectuals to bring back the black money which is stack by Indians in tax haven countries, shockingly Indians are top in the list of money depositors and as per speculations and estimates it is around 1.4 trillion dollars which is even higher if we counts next four top countries in the list, Supreme Court pass its direction to the government to do efforts in bringing back black money, but the way government is proceedings in this regards no body is confident that it is serious and will be able to bring back money to India, comparison to India other countries in days pressurize to reveal the names of there countrymen which have accounts in tax haven countries.
     As per information by the Income Tax Department of India it is doing efforts and have taken initiatives in the direction to check and control the persons which are enjoying the lives courtesy black money. Below is info of department’s action in this regard-

• Income Tax Overseas Units are already operational in the Singapore and Mauritius, modus operandi of the work of these branches are income tax officials collects all the data of transaction of banks, and it has yield result also as these transactions reveal about black money, soon based on this patterns in eight more countries Indian Tax Overseas Units will be operational -

1. German
2. France
3. Cyprus
4. Netherlands
5. Japan
6. U.A.E.
7. U.K
8. U.S.A

• Indians Tax Department has signed with few countries of Tax information Exchange Agreements and they are-

1. Switzerland
2.  Bahamas
3. Bermuda
4. Carmen islands
5. Isle of Man
6. British Virginia
7. Iceland

and it is under process to have same agreements with twenty two other countries of the globe which have very big discounts on tax, along with it department’s Air Intelligence Unit is also active which collects data from civil aviation and have track score of names which have travel to tax haven countries countless times recently.

• Department is strengthening its intelligence wings, as it was able to found black money worth 300 billion in the span of two years whose break up is 180 billion rupees last year and 120 billion rupees were before last year, and it is believe in the country there are two sectors which have maximum investment of black money and they are real estate and mines.
• Income Tax department is also pursuing the case of double taxation awards agreements with eighty countries, so that Indians can get relief from double tax, it will help NRI which pay tax in there respective countries then they will get rebate in India, hence will avoid from double tax.

Hopefully Tax department’s efforts will give desire results to check the flow of black money and will help to tightening the noose on black money generation in the country in future.