Steps taken by India to tackle black money

Finance Minister Pranab Mukherjee has spelt out the steps which India has already taken and initiated to tackle the issue of black money abroad, estimated at between Rs.432 billion and $1.4 trillion.

Following are the steps spelt out by Finance Minister Pranab Mukherjee, which India has already taken and initiated to tackle the issue of black money abroad, estimated at between Rs.432 billion and $1.4 trillion:

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-Constituted multidisciplinary panel to estimate illicit fund generated by Indians

-Vice-chair of Global Forum on Transparency and Exchange of Information for tax purposes

-Joined the Task Force on Financial Integrity and Economic Development

-Member of Financial Action Task Force to trace terror funds

-Member of of UN Tax Committee and Sub Committee on Transfer Pricing

-Member of Eurasian Group on money laundering, tax evasion

-Signed double taxation avoidance agreements with 79 countries

-Negotiating with 65 countries to modify double taxation avoidance agreements

-Talks for new double taxation avoidance agreements with 15 countries

-Prioritized 22 countries/jurisdictions, called tax havens, for signing tax information exchange pacts

-Proposed eight income tax overseas units in addition to those in Singapore, Mauritius

-Amended Prevention of Money Laundering Act in 2009 to make it more stringent

-Proposed new legislation for unearthing black money under the Direct Taxes Code Bill

-Setting up Exchange of Information Cell to share information to curb tax evasion

-Detected undisclosed income of Rs.15,000 crore in last 18 months