Breaking NewsBusiness

In 44 years, India lost at least Rs 17 trillion to tax havens

Indians exported goods and services worth at least Rs 17 trillion over the past four decades but did not remit an equivalent amount in foreign exchange, an HT analysis of classified central bank data shows. This is probably the first measure of how much the economy bled from tax evaders stashing funds offshore.

The amount accounts for a fourth of India’s current Gross Domestic Product. The money, substantially higher now when adjusted against the value of the US dollar, is believed to have been parked in tax havens.
The HT analysis of the Reserve Bank of India (RBI) data, gleaned from 1972 to 2015, shows that 95% of Rs 17 trillion-worth exports were siphoned off over the past 10 years.

The RBI data is based on 188,605 export transactions that were not remitted home — as is required under Indian foreign exchange rules. It’s possible that some payments were stuck due to genuine reasons such as defaults during economic downturns, but data show a consistent uptick in under-recoveries over the years.

Phoney export deals are but only one way of stashing illegal funds abroad. Businesses under-invoice their exports and over-invoice imports from tax havens such as Singapore, UAE and Hong Kong. Money laundering in stocks is also among a variety of activities long suspected to have been used to avoid taxes.

“It’s is very difficult to estimate the black money stashed abroad. But this route (export) is definitely one of the ways in which money is being parked abroad,” said Laveesh Bhandari, economist co-author of a book on corruption.

Gauging the quantum of illicit funds, or “black money”, Indians hold has been difficult, in part because of lack of data. Over time, Indian regulators have moved to curb tax crimes, including signing stronger disclosure pacts with foreign countries.

Much of the campaign against “black money” has been led by the Supreme Court. In 2011, the top court ordered the appointed a Special Investigation Team (SIT) to make an assessment of dishonest wealth, both domestic and abroad. The panel was formed in 2014, shortly after Narendra Modi rode to power, pitching repatriation of “black money” of Indians parked abroad as part of his election campaign.

Thereafter, the SIT turned to the central bank for help with unearthing dodgy export deals. It wasn’t immediately clear what the probe panel planned to do with the data.

brady testified he never tampered with footballsOver 60% of American adults are not regularly active. “But I know we wanted to help her and we were trying to but I guess we just weren’t able to help her in time. Every one of us has the feeling to sense beauty and every object of beauty deserves its due appreciation. Mired in mediocrity, the Broncos didn’t turn things around until the arrival of quarterback Peyton Manning. The final quarter of the season is tough enough that if Brady isn’t on the field from here forward, it’s probably more indicative of a problem than a protective luxury.. But be careful: You might find out (to the tune of a five figure lawsuit) why it’s a bad idea to complain about your hotel online.. For instance, if you are not the biggest and strongest but rather more creative, you should be playing a play maker role on your team, not a strength based defensive role. (Boston Globe). Tom Brady). General Motors is still ahead of Ford but they have the one stigma that sticks in the collective craw of the “fans”; just like some ballplayers who “juiced up” to perform, GM took taxpayer money in the form of a bailout to survive.. This leverage of 47 basis points was primarily due to a decline in store payroll that was partially offset by an increase in advertising. What a football player eats and drinks in the days leading up to a football match will have a big influence on how he performs during the match. PESCA: The defense the Patriots puts on the field today will have a couple important players who were injured throughout the year. The only reason, by the Judge’s logic, is that it cannot be diagnosed during life, but only through a postmortem autopsy of the brain. And then, you have tapotement, and tapotement is that vibrating work that you see that helps relaxing on a deeper cheap nfl jerseys level. New Orleans Saints Sheldon Rankins, DT, Louisville: The Saints allowed 28 more points in 2015 than any other team. Steve, your passion for excellence is felt by anyone who has ever touched an Apple product (including the macbook I am writing this on right now). When they started on the 25 yard line, that percentage jumped to 20.8. Just make sure he eating lots of fresh produce and meat and don stress over a bowl or two of pasta a week. The Carson Holdings team recruited Iger to be on their team, in part, to send a signal to the NFL that its stadium project would be of high quality and commercially viable. Frey’s final performance came in July when the Eagles closed their History of the Eagles tour. See, at the time, Panama was considering seceding from Colombia, and Roosevelt decided that in order to get what he wanted, he was going to have to become that country’s anti Lincoln and get some Panamanians civil warring.

Related Articles

Leave a Reply

Back to top button