The trillion of dollars in black money holdings by Indian nationals in tax havens, especially in Swiss Banks have always made sensational headlines. During the election campaign of 2009, tall promises were voiced to initiate steps to recover black money stashed in secret Swiss accounts. Elections over, promises forgotten; it is now being talked about only in academic circles. However, all rhetoric only speculated at the enormity of unaccounted money lying abroad, but no analytical estimates have been offered, nor any actionable ways to recover the money have been suggested. There are intractable problems in its recovery as our own legal and enforcement infrastructure is inadequate. It lacks the international requirement even to admit our cases in face of the banking secrecy. No doubt, banking secrecy is being selectively relaxed in case of countries that view the problem with seriousness at home, but our weak laws and still the weaker enforcement betrays our lack of seriousness and we get no cooperation in international field. Our Elite, who is the custodian of this slush resists any meaningful action.
The most important aspect is to prevent further drain of our money abroad and for that to stop the generation of black money itself and ensure collection of due taxes. This book highlights all these aspects including the probable sources of black money and analyses various means to bring it to the fold of national economy. The book is of equal interest and importance to the lay men and the scholars engaged in serious research on the subject.
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