-ENS Economic Bureau   Estimates on black money stashed away by Indians is still very much a grey area. So when the CBI Director emphatically declared on Monday that $500 billion of illegal money belonging to Indians was deposited in tax havens abroad, the figure caused more than a mild flutter.   Mainly because the information currently available on the black money economy is way too disparate and vague. Considering the available evidence, the...

Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.  The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.  In...

-The Indian Express CBI director Amar Pratap Singh declared today that “if the king is immoral, so will be his subjects”, and sought “ethics in governance” while addressing an Interpol anti-corruption programme. In a hint at scams involving ministers, Singh said: “I am prompted to recall a famous verse from ancient Indian scriptures, which says ‘Yatha raja tatha praja’.” Singh said $ 500 billion (nearly Rs 24 lakh crore) had been stashed away...

-PTI Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday.  India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc.  "It is estimated that around 500 billion dollars of illegal money belonging to Indians...

-The Hindustan Times   The government is drafting the framework of a “white paper” on black money that it is likely to present before Parliament in the forthcoming budget session. The white paper, however, is unlikely to disclose any names of individuals or entities, despite the opposition’s demand to make public the names of those who are found have to stashed money in banks in overseas tax havens, sources told HT. The finance...