White paper on black money likely in budget session | business | Hindustan Times
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White paper on black money likely in budget session

business Updated: Feb 09, 2012 02:14 IST
HT Correspondent

The government is drafting the framework of a “white paper” on black money that it is likely to present before Parliament in the forthcoming budget session.

The white paper, however, is unlikely to disclose any names of individuals or entities, despite the opposition’s demand to make public the names of those who are found have to stashed money in banks in overseas tax havens, sources told HT.

The finance ministry had carried out a pilot analysis of tax evasions from data compiled by income tax department’s investigation wing in December 2010. http://www.hindustantimes.com/Images/HTEditImages/Images/09-02-12-buss21.jpg

About half of the modest R4,500 crore discovered was unearthed from real estate, about one-fourth (R1,100 crore) was traced to the manufacturing sector and about R400 crore to gold and silver sales and rest in purchase of fancy bathroom fittings, plasma TVs and even cars.

Under attack for inaction over black money, the government has proposed a multi-pronged action plan involving measures including amended tax treaties with foreign countries to stem the illicit flow of money in undisclosed foreign bank accounts.

A multi-disciplinary committee involving think-tanks —National Institute of Public Finance and Policy, National Institute of Financial Management and the National Council for Applied Economic Research — has been constituted to estimate the quantum of illicit funds.

The white paper will have details on action taken by the government to tackle black money, prevent money laundering and also on information it had collected over the last two years through multiple actions.