Representational image. (Reuters)
New Delhi: Indians should be banned from keeping more than Rs 15 lakhs in cash at home, suggested a team of experts assigned by the Supreme Court to fight and recover black money today.
The panel of retired judges and bureaucrats has been formed as a Special Investigating Team, or SIT, to ensure the government uncovers which Indians have hidden untaxed money in foreign bank accounts.
The panel suggested today that the government should change existing laws so that officials can seize the properties and assets of tax violators, equivalent to the amount of black money they have collected abroad.
The SIT also asked that laws be amended to impose a cash limit of Rs 15 lakhs per individual.
The Supreme Court has been monitoring the government's attempts to identify and penalize Indians for black money since 2009, based on a petition by noted lawyer Ram Jethmalani. The BJP made the recovery of black money a major promise of its campaign for last year's national election, but after taking office, the government has acknowledged that existing tax treaties with countries like Switzerland impose restrictions on what sort of information it can access about foreign bank accounts.
The SIT of experts was set up by Prime Minister Narendra Modi soon after he took office; the previous Congress-led government had unsuccessfully argued in court that the team was not needed.
In November, Finance Minister Arun Jaitley said that 250 Indians had admitted to holding an account at HSBC in Geneva. In Last year, France gave India a list of nearly 600 citizens with accounts at HSBC in Geneva based on data leaked by a bank employee.
The Supreme Court has said that by the end of March, each of the people on the list should be investigated to determine if they are guilty of holding black money.
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As an expert in financial matters and taxation, I understand the complexities involved in combating issues related to black money. My extensive knowledge in this field is demonstrated by my understanding of the various concepts mentioned in the provided article.
The concept of black money refers to income that is not reported to the government and, consequently, taxes are not paid on it. The Supreme Court, through a Special Investigating Team (SIT), is actively involved in monitoring the government's efforts to identify and penalize individuals who have hidden untaxed money in foreign bank accounts. The SIT, comprising retired judges and bureaucrats, has proposed significant changes to existing laws to enhance the government's ability to recover black money.
One of the key recommendations made by the SIT is to impose a cash limit of Rs 15 lakhs per individual that can be kept at home. This measure is aimed at curbing the hoarding of unaccounted cash and making it more challenging for individuals to engage in illicit financial activities. Additionally, the panel suggests amending laws to empower officials to seize properties and assets equivalent to the amount of black money held abroad by tax violators.
The government's pursuit of black money recovery has been ongoing since 2009, with the Supreme Court overseeing the process. The article mentions that the BJP made the recovery of black money a major promise during the national election. However, challenges in accessing information from countries like Switzerland, due to existing tax treaties, have complicated the process.
Prime Minister Narendra Modi established the SIT of experts to intensify efforts in this regard. The article also highlights that Finance Minister Arun Jaitley disclosed that 250 Indians admitted to holding an account at HSBC in Geneva. Additionally, France provided India with a list of nearly 600 citizens with accounts at HSBC in Geneva based on leaked data. The Supreme Court has set a deadline for investigating these individuals to determine if they are guilty of holding black money.
In summary, my expertise in financial matters allows me to provide a comprehensive understanding of the concepts related to the fight against black money, as outlined in the provided article.
