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Centre commissions study to estimate black money
With the clamour over black money growing, the Centre has commissioned a study to estimate the quantum of unaccounted wealth inside and outside the country. The study will also try to ascertain black money’s ramifications on national security.
“The study will be conducted separately by three Government institutes, namely the National Institute of Public Finance and Policy (NIPFP), the national Institute of Financial Management (NIFM) and the National Council of Applied Research,” Finance Minister said, in reply to a question from Samajwadi Party MP Shailendra Kumar. These institutes have been given time up to September 2012 to submit their reports.
Pranab said many countries and ‘jurisdictions’ were willing to share banking information in specific cases with India under the Double Taxation Avoidance Agreement (DTAA), Tax Information Exchange Agreement (TIEA) for tax purposes.
“The Government of India has DTAAs with 81 countries, out of which 75 DTAAs do not have specific paragraph for exchange of banking information. All these 75 DTAAs have been taken up for renegotiations and have been so far completed in 22 cases,” Pranab said.
The Government claimed that during the last two years, the Directorate of Transfer Pricing has detected mispricing of Rs 66,085 crore.
With the clamour over black money growing, the Centre has commissioned a study to estimate the quantum of unaccounted wealth inside and outside the country. The study will also try to ascertain black money’s ramifications on national security.
“The study will be conducted separately by three Government institutes, namely the National Institute of Public Finance and Policy (NIPFP), the national Institute of Financial Management (NIFM) and the National Council of Applied Research,” Finance Minister said, in reply to a question from Samajwadi Party MP Shailendra Kumar. These institutes have been given time up to September 2012 to submit their reports.
Pranab said many countries and ‘jurisdictions’ were willing to share banking information in specific cases with India under the Double Taxation Avoidance Agreement (DTAA), Tax Information Exchange Agreement (TIEA) for tax purposes.
“The Government of India has DTAAs with 81 countries, out of which 75 DTAAs do not have specific paragraph for exchange of banking information. All these 75 DTAAs have been taken up for renegotiations and have been so far completed in 22 cases,” Pranab said.
The Government claimed that during the last two years, the Directorate of Transfer Pricing has detected mispricing of Rs 66,085 crore.
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