Tuesday, May 22, 2012

Black Money

Kindly find complete report presented by Mr Pranab Mukherjee in Lok Sabha today on “Black Money”.

The link is http://finmin.nic.in/reports/WhitePaper_BackMoney2012.pdf


Highlights:

-       Sectors generating black money are Jewellery, IPO, Land deals, real estate, bullion, public procurements and NGO’s

-       It states black money in Swiss accounts has reduced by Rs14,078 crore between 2008-2010

-       The finance minister did not give any estimate of the black money

-       It suggests tax incentives for encouraging use of debit and credit cards as these leave audit trails.

Source: The Times of India, Ministry of Finance

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