the unconfirmed estimates of black money stashed in swiss banks and other banks varies from USD 350 billion to USD 1900 billion.
Social activist Anna Hazara and yogguru Baba Ramdev did a lot of hunger strikes against corruption and black money.But indian government still did not take any steps against corruption.
Finance Minister Pranab Mukherjee announced in Parliament that a White Paper will be issued on blackmoney, while disclosing that government has received 36,000 'pieces' of information with regard to Indian account holders in banks abroad.
Social activist Anna Hazara and yogguru Baba Ramdev did a lot of hunger strikes against corruption and black money.But indian government still did not take any steps against corruption.
Finance Minister Pranab Mukherjee announced in Parliament that a White Paper will be issued on blackmoney, while disclosing that government has received 36,000 'pieces' of information with regard to Indian account holders in banks abroad.
Since the recession hit the economies of developed countries, the Organisation for Economic Cooperation and Development (OECD) has been leading a campaign for transparency in the international banking system, and making the tax havens to necessarily exchange information with other countries where tax evasions are involved.
The US in particular has been proactive in using the might of its economy to make different tax havens fall in line, and share the names of US citizens who have deposited money in these tax havens.
For instance, the UBS Bank, a Swiss bank and the world’s largest wealth management company, came under US scrutiny in June 2008 to uncover the identity of US nationals who maintained secret accounts in the bank and were defrauding the American revenue department.
When the US Government threatened to prosecute the USB Bank, the bank paid a fine of $780 million and also agreed to reveal the details of the hidden assets of US nationals within a fixed time frame failing which it would face prosecution
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