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Monday, February 28, 2011

Union Budget 2011 highlights on Black Money in India



BLACK MONEY

    * Five fold strategy to be put into operation to deal with the problem of generation and circulation of black money.
    * Membership of various international fora engaged in anti money laundering, Financial integrity and Economic development, Exchange of information for tax purposes and transparency, secured.

Various Tax Information Exchange Agreements (TIEA) and Double Taxation

    * Avoidance Agreements (DTAA) concluded. Foreign Tax Division of CBDT has been strengthened to effectively handle increase in tax information exchange and transfer pricing issues.
    * Enforcement Directorate strengthened three fold to handle increased number of cases registered under amended Money Laundering Legislation.
    * Finance Ministry has commissioned study on unaccounted income and wealth held within and outside the country.
    * Comprehensive national policy to be announced in near future to strengthen controls over prevention of trafficking on narcotic drugs.

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