Black Money In India

A White Paper(May 2012) on black money in India published by the Government of India suggests two possible sources of black money in India.
The first includes activities not permissible under the law, like crime, drug trade, terrorism, and corruption, all of which are illegal in India.
The second, more likely source is that the wealth may have been generated through a lawful activity but accumulated by failing to declare income and pay taxes.
 Some of this black money ends up in illicit financial flows across international borders, such as deposits in tax haven countries. Unofficial estimates indicate that Indians had over US$1456 billion in black money stored in Swiss Banks (approximately USD 1.4 trillion).

Also a report states that Indian-owned Swiss bank account assets are worth 13 times the country’s National Debt
What is Black Money? 

                                      

Ram Jethmalani filed a Writ Pettion (Civil) No. 176 of 2009 in the SC seeking the court's directions to help bring back Black Money stashed in Tax Havens abroad and initiate efforts to strengthen the governance framework to prevent further creation of Black Money.

In January 2011, the (SC) asked why the names of those who have stashed money in the Liechtenstein Bank have not been disclosed.

In July 2011, the SC ordered the appointment of a Special Investigating Team (SIT) headed by former SC Judge BP Jeevan Reddy to act as a watch dog and monitor investigations dealing with the black money.

 Swami Ramdev's Indefinite Fast Against Black Money

Swami Ramdev made a protest at the Ramlila Maidan,New Delhi on June 04,2011 demanding -

strong legislation to repatriate Black Money Deposited Abroad and

untaxed money invested abroad should be declared to be the wealth of the nation and, further, that the act of caching money alleged to have been obtained illegally in foreign banks should be declared a crime against the state

Delhi police raided the site where Ramdev was fasting and forcefully detained him and removed his supporters from the site after firing tear gas shells and resorting to lathicharge to end his day-old indefinite hunger strike.

Ramdev ended his fast on the ninth day by drinking a glass of juice at Himalayan Institute of Medical Sciences, Dehradun, where he was recuperating from the seventh day of his fast.

The National Human Rights Commission(NHRC) on June 06,2011 issued notices to the Union Home Secretary, Delhi Chief Secretary and the Delhi City Commissioner of Police seeking reports within two weeks regarding the midnight crackdown at the Ramlila Ground.

The SC issued notices to the Union Home Secretary, Chief Secretary of Delhi, Delhi administration, and Delhi Police Commissioner asking them to respond within two weeks, after taking Suo Motu cognizance of forceful eviction of Ramdev and his followers from the Ramlila ground