Pranab tables white paper on black money in Lok Sabha: Highlights
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Finance Minister Pranab Mukherjee on Monday tabled the government’s white paper on black money in the Lok Sabha, something he had promised at the time of replying to questions on the Finance Bill for FY-13.
Full coverage of Black Money
• The report is 100 page long.
• Reports says that at $104 billion, India ranks No. 15 globally in the list of illicit outflow of money.
• Number one on the list is China, while Russia is No. 3.
• The report is based in the recommendations of committee headed by the chairman of the Central Board for Direct Taxes.
• India must ensure transparent, time bound regulated approvals and the e- electronic delivery of Service Bill, which is currently in Parliament.
• Moral and ethical education to be re-informed in school curriculum.
• The paper also recommends a regulator for private sector since self-regulation has failed
• Witness -Protection Law can be considered to protect whistle blowers and witnesses
• At present there is no obligation for countries to exchange information automatically
• Necessary to promote automatic exchange of information among countries
• India has requested G 20 countries to exchange information automatically
• Proposal for obligation from multi national countries will include details of its financial performance, sales, purchases, labour costs, pre tax profit, tax charges and book value
• Overall feasibility of voluntary disclosure of income scheme needs to be assessed
• General public sentiment is against giving any immunity to tax evaders
• A Gold Deposit Scheme has also been suggested by some quarters. Gold deposit scheme may also carry a normal rate of return, should be transferrable so that it can be used as collateral
• Complete tax immunity may be granted to holders of Gold Deposit Scheme, depositors should not be passed where they get the gold from
• Issue of complete tax immunity under this scheme needs to examined
• India to push for revenue sharing agreement with Switzerland and other countries. Switzerland has already entered into pacts with Austria, Germany and the UK Govt looks forward to discussion on this important issue, both inside and outside Parliament.
