Black Money Counterfeits and Demonetisation

Description

This book is about the ubiquitous influence of corruption and tax evasion on accumulation of black money in India and menace of counterfeits in terrorist funding which accentuated Demonetisation 2016 in India. Scrolling through historical perspectives of demonetisation, it explores deficient administrative and legal framework in which black money grew and flourished including unsatisfactory outcome. It also reviewed efficient remonetisation process including participation of public at large in the war against black money ignoring difficulties of cash shortage, post-demonetisation public support and economic consequence of demonetisation.

HIGHLIGHTS

• Low Tax Base and tax GDP ratio
• Correlation between Low Tax base and Corruption Perception Index
• Role of Governmental agencies
• Lokpal and Lokayuktas
• Jan Dhan account as vehicle of conversion of black money
• Enquiry Commissions in India
• Trade based money laundering
• Hawala Transactions
• Comparative Currency GDP Ratio
• Fraud Loans in India Public Sector Banks
• Voluntary Disclosure Schemes
• Level of cash transactions across selected countries
• Amendments of DTAAs with Mauritius, Singapore and Cyprus
• Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016
• Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
• Taxation Laws (Second Amendment) Act, 2016
• Benami Transaction (Prohibition) Amendment Act, 2016
• Developments in Prevention of Corruption Act
• Improvement in concurrent audit of banks
• Operation clean money