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In this book, the author critically examines the standard explanations for the causes and consequences of black income generation. His analysis lays bare the pernicious effects of black income on the macroeconomy and the resultant inefficiency, waste in the economy and society.
The Narendra Modi government's sudden demonetization of `500 and `1,000 notes in November 2016 failed to put a dent in the black economy but caused untold hardship to hundreds of millions of Indians. It has crippled the country's economy for a long time to come. In this book, Arun Kumar, the country's leading authority on the black economy, tells us why Modi's gambit failed. He shows us the way in which the problem can be rooted out, provided the government has the political will and determination to act. Today, the black economy is estimated to be 62 per cent of GDP-or about `93 lakh crore ($1.4 trillion). Corrupt businessmen, corrupt politicians, and corrupt members of the executive (bureaucrats, police and the judiciary) are responsible for controlling the black economy and enabling its growth. If the black economy were to be dismantled and turned into a part of the 'white' economy, the country's rate of growth would be 12 per cent. If it had not grown the way it has since the 1970s, India's per capita income today would be approximately `7 lakh per annum ($11,000) and India would become the second largest economy in the world. If the black economy were taxed at current rates, it would generate `37 lakh crore in additional taxes and the union budget would show a surplus of `31 lakh crore instead of a deficit. The failure of successive governments to tackle the problem effectively has been the single biggest obstacle to eradicating poverty. It is the cause of both widespread policy failure and the inability of the nation to improve its living conditions rapidly.
You cannot understand Money Laundering unless you understand ‘How’ this GAME is actually played. Flip in and you will!! Get in to understand ‘How’ the following may be related with Money Laundering  Hawala  Donations and Trust  Mergers and Acquisitions (M&A)  Shares and Share Market  Hidden Leverage  Real Estate  Penny Stocks and Circular Trading  Futures and Options (F&O)  Letters of Credit (L/C)  P-Notes  Convertible Financial Instruments  Imports & Exports  Unsecured Loans and Fixed Deposits  Bitcoins  Special Economic Zones  Bearer Shares  Shell Companies and Panama Islands  Gambling  Numbered Accounts  Gold and Diamonds  Start-ups etc.
Just how much black money is there in India? Estimates vary from 10 per cent to 20 per cent of our GDP. Conservatively, Rs 15 lakh crore (10 per cent of Rs 150 lakh crore, our GDP in 2016-17). As for Indian money in tax havens around the world? Around Rs 65 lakh crore. Truly astounding figures. Black money or kala dhan is a topic that has elicited much debate in recent times. This has been mostly marked by mudslinging and name-calling, and the discussions that have ensued often have no basis in fact. While most people have a hazy notion of black money, only a few understand it in its entirety. The issue of tax havens is perhaps even more misunderstood. Most people fail to see the connection between tax havens and black money. Black Money and Tax Havens is the first work that discusses both of these issues in depth and offers a 360-degree view to the reader. In this work, R. Vaidyanathan provides the reader with a brief overview of black money-its generation, its estimates and how and why it is spirited away to tax havens. He also lays bare the danger that is posed to world financial well-being on account of the lack of political will to tackle these issues. A unique and timely work, this book packs in much information in an accessible manner.
The demonetisation of November 2016 will go down in history as one of the most intensely debated economic policy interventions of the Indian state. With the abolition of the legal tender status of Rs 500 and Rs 1,000 notes, about 86 per cent of the currency in circulation stood withdrawn from circulation in the economy. The purpose, according to the government, was to stamp out counterfeit currency, unearth black money, and usher in a less-cash economy. This work analyses in detail the conception and implementation of demonetisation, its impact on different spheres of the economy and sections of the people, and various claims of the government vis-à-vis demonetisation. It tries to locate the two demonetisations of 1978 and 2016 within the broader questions of tax evasion and the generation and storage of black money in India over the last six decades. It has a comprehensive introduction, supported by writings from the archives of the Economic & Political Weekly.
One of the most troubling critiques of contemporary democracy is the inability of representative governments to regulate the deluge of money in politics. If it is impossible to conceive of democracies without elections, it is equally impractical to imagine elections without money. Costs of Democracy is an exhaustive, ground-breaking study of money in Indian politics that opens readers’ eyes to the opaque and enigmatic ways in which money flows through the political veins of the world’s largest democracy. Through original, in-depth investigation—drawing from extensive fieldwork on political campaigns, pioneering surveys, and innovative data analysis—the contributors in this volume uncover the institutional and regulatory contexts governing the torrent of money in politics; the sources of political finance; the reasons for such large spending; and how money flows, influences, and interacts with different tiers of government. The book raises uncomfortable questions about whether the flood of money risks washing away electoral democracy itself.
From the back cover: The papers in this ground breaking book constitute a unique collection of information about the underground economy and how it is manifested in a variety of countries. Section One attempts to measure Canada's underground economic activity and provides a specific estimate of the impact that tax changes have on its size. It also looks at the problems of tax evasion and tax avoidance. Section Two deals with the size of the underground substance economy, the legal aspects of tlhe underground economy in the United States, and an asseeement of the economic activities of the Mafia. Section Three analyzes the underground economy abroad, specifically in the United States, Britain, Mexico, Peru, Chile, Russia and China. The fourth section returns to Canada and examines some policy implications of the underground economy. A survey detailed in Section One shows that a majority of Canadians believe that they do not receive enough benefits for the taxation they pay. Section Four offers a solution to the problem of tax evasion and underground economic activity; the adoption of user fees and user taxes.
To meet the deadline set by the Honourable Supreme Court for the previous Government, the new Government of Prime Minister Narendra Modi constituted a Special Investigation Team (SIT), soon after assuming office on May 26, 2014. Headed by Justice M.B. Shah, a former judge of the Supreme Court, SIT was notified on May 27, 2014 to look into the issue of black money. The objective of this book is to explain various facets and dimensions of black money and tax evasion and their complex relationship with the policy and administrative regime in the country. It describes the factors which lead to the generation of black money, and records various estimates of black money and tax evasion. It also presents the measures/strategies that the Government of India has been pursuing to tackle this issue, especially recent initiatives and developments.