The indian securities market pdf amount of black money deposited in foreign banks by Indians is unknown. 06 trillion is held illegally in Switzerland.
500 billion of illegal money was an estimate based on a statement made to India’s Supreme Court in July 2011. He said this decision was taken to crackdown on black money and corruption which is destroying the country. He also said that the process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. The number of I-T returns filed for 2016-17 grew by 25 per cent to 2.
1-year period, as increased number of individuals filed their tax returns post demonetization. The department carried out a total of 983 search, survey and enquiry operations and has issued 5,027 notices to various entities on charges of tax evasion and hawala-like dealings. Singapore, UAE, and Hong Kong. Politicians, political parties corrupt higher officials of government and its institutions take bribes from foreign companies and park or invest the money abroad in tax havens for transferring to India when needed.
Indian tax authorities and consequent legal implications. Round tripping involves getting the money out of one country, sending it to a place like Mauritius and then, dressed up to look like foreign capital, sending it back home to earn tax-favoured profits. Indian stock and financial markets. Mauritius and Singapore with their small economies cannot be the sources of such huge investments and it is apparent that the investments are routed through these jurisdictions for avoidance of taxes and for concealing the identities from the revenue authorities of the ultimate investors, many of whom could actually be Indian residents, who have invested in their own companies. Indians is re-invested in India. The investor in PNs does not hold the Indian securities in her or his own name.