Black Money

Black money refers to funds earned on which income and other taxes has not been paid. The total amount of black money deposited in foreign banks by Indians is unknown but estimated  at over Rs. 7,280,000 Crores (US$1.4 trillion)
India tops the list with almost $1500 Billion black money in Swiss Banks, followed by Russia $470 Billion, UK $390 Billion, Ukraine $100 Billion and China with $96 Billion. 

German Govt.'s detailed list of Indians who had kept their black-money in the LGT Bank of Liechtensstein(well known tax-javen nation 190 Km from Munich,Germany)

The SC bench of Justice B. Sudershan Reddy and Justice S.S. Nijjar directed the CG to disclose the names of people who hold accounts in LGT Bank in Liechtenstein -- a principality in Europe bordering Switzerland and Austria -- as disclosed to it by German authorities.




The government, Finance Minister PranabMukherjee said, has adopted a five-prong strategy to deal with the issues of tax evasion and black money.
1.       Creating an appropriate legislative framework. 
2.       Setting up institutions to deal with illicit funds
3.       Developing systems for implementation
4.       Imparting skills to the manpower for effective action
5.       Joining the Global crusade against Black Money  

SC Constitutes Probe Team on Black Money Abroad

 

The Supreme Court on Monday July 04,2011 set up a Special Investigation Team (SIT)  to probe black money stashed by Indian citizens in foreign tax havens.Ehe SC upgraded and converted the existing high-level committee (HLC), constituted by the central government, into the SIT that will report to it.The committee will be headed by former apex court judge B.P. Jeevan Reddy.Former apex court judge M.B. Shah will be the panel's vice-chairman.