There
is no estimation of the amount of money that has been sent to the foreign
countries by Indian persons said by government today.
The
money sent by Indian persons to foreign countries is subject matter of
investigation and requires follow-up actions by the relevant law enforcement
agencies such as Income tax Department, CBI etc, which is going on.
“The
economists from Bank of Itlay estimated that Indian share in black money
stashed in tax heavens across the world is at $152-181 billion. These economists have reportedly analysed data from IMF and
the Bank of International Settlement (BIS) and applied certain assumptions to
arrive at the estimation. The same economists have reportedly estimated Indian
share in black black assets at $4-5 billion with the new set of assumptions”, Mr.
Sinha said .
These estimations have put a red flag that these estimations
have to be considered with great care and in no way can represent firm data,”
Mr. Sinha said.
Ruchi Anand and Associates are Tax Consultant in India.
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