All deposits by Indians in Swiss banks not black money:
Tax administration was inefficient and weak. Government also demonetize in many cases such as inhere high denominations notes of Rs. But in these occasions a few amount was tendered to R.
Thus demonetisation was not an effective tool of controlling black income. Voluntary Disclosure Scheme was attempted at various times such as in, and The special Bearer Bond scheme also failed to analyse the black money to a large extent. A total amount of Rs.
We need to adopt a more rational approach in controlling black money by taking measures, reducing complexities in our tax laws and bringing more flexibility in the control system.
Otherwise the menace of Black Money will remain in our system. The taxation scheme should be made easier. More and more unaccounted money should be brought back into the economy, which may form a part of national income. Among the some critical suggestions to control the black money it is mentioned that bank credits should be given without much hesitation for the productive activities, this will create a favourable impact in reducing black money.
Film industries for example demanding industry status to enjoy bank finance, which will reduce the use of underworld money. Offenders of taxes should be given strong punishment.
Officials doing noble job in Income Tax Department should be given more incentives. Honest tax payer should be given reward which will be exemplary for other people also. But the major responsibility lies with the socio-political leadership who will arouse this conscience in the minds of the people.Nine measures taken by government to curb black money Government has taken various measures such as policy-level initiatives, more effective enforcement action on the ground; putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building, and integration of information and its mining through appropriate use of information technology.
The “White Paper on Black Money” presents the different facets of black money and its complex relationship with policy and administrative regime in the country. It also reflects upon the policy options Evolution of Strategies to Control Black Money in India 27 Joining the Global Crusade against Black Money We need to adopt a more rational approach in controlling black money by taking measures, reducing complexities in our tax laws and bringing more flexibility in the control system.
Otherwise the menace of Black Money will remain in our system. The taxation scheme should be made easier. Government Measures To Control Black Money In India Words: Pages: 1 Paragraphs: 9 Sentences: 29 Read Time: Highlight Text to add correction.
4. Rationalization of Controls. Since ill-devised controls are major causes of black money, it is essential to rationalize the control attheheels.comment has taken some steps in this direction by easing the licensing policy etc.
Black Money of India in Swiss Accounts- India has slipped to 70th position in terms of foreign money lying with Swiss banks and accounts for a meager per cent .