GOOD READS

10 things you need to know about Black money

India will now be able to track black money held in Swiss bank accounts.  Switzerland has finally agreed to share information on funds held in its banks to fight tax evasion and concealment of illicit funds.

Switzerland has been under severe pressure to co-operate with countries across the world and divulge data on funds parked in Swiss banks. Swiss banks are known to have strict client confidentiality clause and hence are a popular haven for illicit income.

Also See: The world’s least corrupt nations

Denmark

With a large welfare state and a highly prosperous economy, Demark is ranked as the least corrupt country in the world.

Score: 90

(Photo: ThinkStock)

1 / 10
Yahoo Finance India
Fri 7 Dec, 2012 2:30 PM IST

Here are the 10 things you need to know about Black money and India

1) Swiss banks will now have to bring down the wall of secrecy around its account holders and divulge information regarding overseas money held in banks. 58 countries worldwide have signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

2) Indians hold about Rs 9,000 crore or 2.18 billion Swiss francs in Swiss Banks at the end of 2012 according to data released by Swiss National Bank. The overall amount held in Swiss banks by entities from across the world is estimated at around Rs 90 lakh crore.

3) Swiss National Bank’s report also states as of end 2012, out of the total 2.18 billion Swiss franc deposits by Indian individuals and entities- 1.34 billion Swiss francs were held directly by Indian individuals and entities and the rest 77 million Swiss francs was via ‘fiduciaries’ or wealth managers.

4) India saw black money outflow of $123 billion from 2001-2010. India ranks eighth and is among the top ten developing countries with illicit funds outflow at $1.6 billion according to a report by Global Financial Integrity in December 2012.

5) The report from Global Financial Integrity’s also says that the total outflow of black money from India since Independence until 2010 was $232 billion. The aggregate value of illicit assets held by Indians from 1947 to 2010 is estimated at $487 billion.

6) Global Financial Integrity’s report titled Illicit Financial Flows found that only 27.8% of India's illicit assets are held domestically and 73% make their way overseas.

7) In 2012, India was ranked 94 out of 176 countries in Transparency International's Corruption Perceptions Index. It was tied with Benin, Colombia, Djibouti, Greece, Moldova, Mongolia, and Senegal.

8) Transparency International in 2008 reported that about 40% of Indians have paid bribes to get a job done in public offices. This figure was 62% in a study conducted by the same firm in 2005.

9) An Indian government report claims that as of December 2012, it conducted 2603 surveys and has detected Rs 8255 crore in undisclosed income in the country. This figure was Rs 6572.75 crore in the year 2011-12 when 3706 surveys were conducted.


10) In a White paper on Black Money tabled in Parliament in 2012, the government conceded that the real estate sector is one of the largest holders of illicit income and unaccounted funds. A large number of transactions are not reported and a vast number are under reported. As the realty sector contributes 11 percent to GDP, this huge amount of under reporting is a huge dent to the treasury.

 Also Read

Not all black and white now

Three top private banks accused of money laundering

Many shades of black money

This work is produced by Simplus InformationServices Pvt Ltd. Customerengagement through content. 

Like this article? Click here formore articles from the same provider.

Quiz: What do you know about the Budget?

Question 1

What happens if there is no interim Budget presented?

Poll Choice Options
  • We do no™t have to pay taxes
  • The government can come to a standstill
  • Absolutely nothing
1
2
3
4
5
6
7
8
9
10

Latest News

  • Steady PMIs, sluggish China put brakes on European shares

    European shares edged down on Wednesday after three days of gains as data showing China's economy was still stuttering offset some broadly reassuring European purchasing manager index (PMI) numbers. Data compiler Markit's monthly PMI figures, seen as good indicators of future growth, showed that while France's economy was still a drag, Germany was continuing to power the euro zone's recovery. In Asia, China's stock markets had fallen again and the yuan tumbled to 16-month low after a survey …

  • BSE Sensex hits third consecutive record high
    BSE Sensex hits third consecutive record high

    Reuters Market Eye - The BSE Sensex and the Nifty hit record highs for the third consecutive session on Wednesday on the back of gains in blue-chip stocks. The benchmark index hits a record high of 22,901.65. ... …

  • Gold hovers near 2-1/2 month lows
    Gold hovers near 2-1/2 month lows

    Gold was steady but near its lowest in more than two months on Wednesday, with stronger equities denting the metal's safe-haven appeal and outflows from bullion funds showing weak investor appetite. Spot gold was trading flat at $1,283.50 an ounce by 0640 GMT. But if we break that level, we are going to fall to $1,250," said Yuichi Ikemizu, branch manager for Standard Bank in Tokyo. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund and a good measure of investor …

  • Rupee slips below 61 against the dollar

    Mumbai, April 23 (IANS) The Indian rupee fell below 61 against a dollar for the first time in more than a month Wednesday on continued demands for the greenback from oil importers and weakness in other ... …

  • Credit Suisse upgrades Mahindra & Mahindra to 'outperform'

    Reuters Market Eye - Credit Suisse upgrades Mahindra and Mahindra to "outperform" from "neutral," saying its four-wheeler autos and commercial vehicles will benefit from even a short-lived ... …

IN-DEPTH ANALYSIS & INTERVIEWS

  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Seed of Doubt

    Field trials have been allowed again in India. But two decades after their global launch, genetically modified (GM) crops remain controversial. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Economy vs Democracy

    As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    16.74-0.11-0.65%
    UNITECH.BO
    14.45-0.13-0.89%
    SUZLON.BO
    121.20+7.80+6.88%
    FRL.BO
    69.00+7.05+11.38%
    MANGCHEM.BO
    54.55+1.80+3.41%
    HCLINFO.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    16.20+2.70+20.00%
    JAGSONPH.BO
    52.00+7.40+16.59%
    RUSHIL.BO
    14.80+2.01+15.72%
    SOUTHPET.BO
    23.55+2.65+12.68%
    NELCAST.BO
    22.70+2.35+11.55%
    KILITCHD.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    -10.95-100.00%
    4THGEN.BO
    -17.30-100.00%
    ALFAICA.BO
    -16.81-100.00%
    AMAL.BO
    -11.73-100.00%
    BORAX.BO
    -29.95-100.00%
    BRADYM.BO

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.