Many tax havens willing to disclose black money info | Current Affairs, Current Affairs 2017

Many tax havens willing to disclose black money info

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blackmoneyThe government’s efforts to track black money stashed in foreign countries has begun to yield results with many tax havens like British Virgin Islands, Cyprus and Jersey are starting to share information with Indian officials.

Some of the information had been cross-checked and has been of immense help to monitor Indians who have not disclosed their wealth abroad till now to the government authorities.

Moreover, the BJP government led by its PM Narendra Modi has taken up a number of steps to get the information even as global pressure is mounting on those individuals who had stashed huge amount of money in foreign accounts.

It may be noted that the Swiss authorities had released the names of seven Indians with bank accounts and this information has come on the eve of the proposed compliance scheme for those with undisclosed wealth abroad.

There are several queries on the compliance scheme whose rules are being finalised and are expected to be notified by the end of the month with a six month window expected to be announced shortly, according to tax department officials.

“We are close to finalising the modalities and we are looking at every aspect to ensure that there is neither any misuse nor harassment,” said a senior official of the tax department.

One key feature of the scheme will be to ensure that there are only two commissioner rank officers – one in Mumbai and the other in Delhi – to deal with the scheme. The notified states will come under the jurisdiction of one of the officers.

The department has begun the hunt for officers “with highest level of integrity and excellent track record” to ensure that there is tight monitoring of the compliance scheme.

While releasing the rules the government also plans to release detailed FAQs given the spate of queries that it has received in recent months.

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