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| Politics
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| Black money probe: Pranab Mukherjee |
| Black money probe: Pranab Mukherjee tables White Paper in Parliament
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| INDIA
, 21-May-2012
4:33:12 AM |
| Finance Minister Pranab Mukherjee tabled White Paper on black money in the Lok Sabha today, providing information about black money stashed abroad. The 100-page report is quite detailed and exhaustive but does not contain any names, which the Opposition had demanded. The BJP-led Opposition had asked the government to provide names of the defaulters in the case.
The report that was tabled in Parliament today says that India is number 15 in the list of countries that have money going out of them illegally. China is number one on that list with USD 2406 billion that has been illicitly flown outside; India at number 15 has USD 104 billion stashed abroad, according to the report. Other countries in that list include Russia, Saudi Arabia, Malaysia, UAE, Nigeria, Philippines and Indonesia.
White paper says that a multi-pronged strategy is needed to deal with generation and transfer of black money. The report suggests that to put a check on black money, the government may provide tax incentives on the use of debit/credit cards as they leave an audit trail. The report cites the Vodafone tax case to provide instance of misuse of the corporate structure to avoid payment of taxes.
The report's concluding remarks mention what to do and how to prevent the menace of black money.
The Opposition, led by the BJP, has been targeting the government over the issue of black money. The main Opposition charge is that the government is going slow on probe into black money.
"I will try to give all the relevant and possible information," Mr Mukherjee had earlier said during the debate on Finance Bill in the Lok Sabha, while promising to bring White Paper in the on-going Budget Session.
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