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If that ILLEGAL money could be properly traced and harnessed back in India, income tax would not be necessary, according to some in India.
Well maybe not, but the huge potential for ANY government prepared to roll up its sleeve and pursue this money is TREMENDOUS....that one can safely say. It will mostly certainly guarantee a second term, given the huge projects it could finance.
Obviously it is logical that India should pursue this money steadfastly and quickly.
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Black money: Suspect accounts of 600 Indians under probe
By Press Trust of India and TOI
In
another instance of suspected black money stashed by Indians abroad,
investigative agencies are probing a set of 600 new names and identities
which have been provided to India by a "source" during the last
financial year.
The information of these suspect accounts were
obtained by the Central Economic Intelligence Bureau (CEIB), a crucial
department under the Union finance ministry, during the just concluded
fiscal through a multi-layered sequence of information exchange on tax
related issues and as part of the mandate to unearth black money hidden
abroad by Indians.
The CEIB, according to an official note
accessed by PTI, has "disseminated" the data of these 600 cases to the
income tax department, Enforcement Directorate (ED), Financial
Intelligence Unit and the Directorate of Revenue Intelligence for
further investigation under their respective laws which check tax
evasion, money laundering and violations of the foreign exchange Act.
The note said the CEIB obtained the data through "source" and the list
contains names and addresses of individuals and entities of "Indian
origin who may have stashed funds abroad in tax havens".
This
is the first time that this important nodal national agency for economic
intelligence has obtained data on suspected offshore stash of Indians
as, till now, such information was only received by the exclusive wing
of the Central Board of Direct Taxes (CBDT).
Sources privy to
the development said the list contains the bank accounts of suspected
Indians in four tax haven nations and six jurisdictions which are yet to
ratify the international treaties of automatic tax exchange which is
aimed to check blackmoney and curb instances of tax evasion.
Officials in the Supreme Court appointed Special Investigation Team
(SIT) on blackmoney said all the agencies with whom the list was shared
have begun their probes and some "aberrations" vis-a-vis tax laws have
been detected.
The names on the list and the subsequent probes have been shared with the SIT also.
Officials, citing secrecy clauses of international tax information
exchange treaties, refused to disclose the "source" of the classified
information which is understood to have been obtained by the CEIB
through its existing mechanisms of economic intelligence.
India, during the last fiscal, had separately received data on over
24,000 instances of alleged tax evasion and dubious funds which has been
detected in foreign shores during the same time.
These cases
are now under investigation by the taxman even as the SIT on black money
has set its eye on tracking the outcome of this classified information
which has been received from over a dozen countries during the 2013-14
fiscal.
