BibMe Free Bibliography Citation Maker MLA, APA, Chicago, Harvard. U. S. Census Bureau. NATIONAL. During the 2007 to 2011 period, 42. U. S. population had income below the poverty level. The American Community Survey is the premier source for information about Americas changing population, housing and workforce. Indian black money Wikipedia. In India, black money refers to funds earned on the black market, on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown. Some reports claim a total of US1. Switzerland. 1 Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US2 billion. In February 2. Indias Central Bureau of Investigation said that Indians have US5. In March 2. 01. 2, the government of India clarified in its parliament that the CBI directors statement on 5. Indias Supreme Court in July 2. On 8th November 2. Antennas And Radiowave Propagation Pdf more. Prime Minister Narendra Modi announced that banknotes of 5. He said this decision was taken to crackdown on black money and corruption which is destroying the country. He also said that the process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. The number of I T returns filed for 2. By 2. 8 December 2. Income Tax department detected over 4. US6. 50 million of un disclosed income and seized new notes worth 1. US1. 6 million as part of its country wide operations. The department carried out a total of 9. Indesign Template For Instruction Manual. FUNDS-8.jpg' alt='Indian Economic Survey 2011 12 Pdf Pwct' title='Indian Economic Survey 2011 12 Pdf Pwct' />The department also seized cash and jewellery worth over 5. US8. 6 million out of which the new currency seized majority of them 2. US1. 6 million. The department also referred a total of 4. Previous article in issue Coastal sustainability depends on how economic and coastline responses to climate change affect each other Previous article in issue. SOCIO ECONOMIC SURVEY 201617 iii GENERAL REVIEW. PREFACE At the national level, the Ministry of Finance, Government of India. Economic Survey in both. Following recommendations from the OECD on curbing black money on 2223 February 2014 and previous moves by the RBI, on the night of 8 November 2016 the Indian. CBI and the Enforcement Directorate ED to probe other financial crimes like money laundering, disproportionate assets and corruption. Some Indian corporations practice transfer mispricing, by under invoicing their exports and over invoicing their imports from tax haven countries such as Singapore, UAE, and Hong Kong. Thus the promoters of the public limited companies who hold rarely more than 1. Indian government. By the year 2. 00. Illicit Financial Out flows from the country touched US 4. IndiaReport-Table_2.jpg' alt='Indian Economic Survey 2011 12 Pdf' title='Indian Economic Survey 2011 12 Pdf' />Politicians, political parties corrupt higher officials of government and its institutions take bribes from foreign companies and park or invest the money abroad in tax havens for transferring to India when needed. Many times locally earned bribes, funds and collections are also routed abroad through hawala channels for evading from Indian tax authorities and consequent legal implications. In the Vodafone Huthchison tax case, a foreign multinational company also evaded tax payments in India by making transactions with shell companies registered in tax haven countries. The unlawfully acquired money kept abroad is routed back to India by the round tripping processes. Round tripping involves getting the money out of one country, sending it to a place like Mauritius and then, dressed up to look like foreign capital, sending it back home to earn tax favoured profits. Foreign direct investment FDI is one of the legal channels to invest in Indian stock and financial markets. As per data released by the Department of Industrial Policy and Promotion DIPP, two of the topmost sources of the cumulative inflows from April 2. March 2. 01. 1 are Mauritius 4. US5. 4. 2. 27 billions and Singapore 9. US1. 1. 8. 95 billions. Mauritius and Singapore with their small economies cannot be the sources of such huge investments and it is apparent that the investments are routed through these jurisdictions for avoidance of taxes and for concealing the identities from the revenue authorities of the ultimate investors, many of whom could actually be Indian residents, who have invested in their own companies. Investment in the Indianstock market through participatory notes PNs or overseas derivative instruments ODIs is another way in which the black money generated by Indians is re invested in India. The investor in PNs does not hold the Indian securities in her or his own name. These are legally held by the FIIs, but derive economic benefits from fluctuations in prices of the Indian securities, as also dividends and capital gains, through specifically designed contracts. Foreign funds received by charitable organisations, non government organisations NGOs and other associations need not disclose the Indian beneficiary. Gold imports through official channel and smuggling is a major conduit to bring back the black money from abroad and convert into local black money as the gold commands high demand among the rural investors particularly. Also fictitious high value round trip transactions via tax haven countries by diamonds and precious stones exporters and importers is a channel for to and fro transactions outside the country. Also, fictitious software exports can be booked by software companies to bring black money into India as tax exemptions are permitted to software companies. Unlike in earlier decades, the interest rates offered abroad in US currency is negligible and there is no capital appreciation if the money is parked abroad by the Indians. So, Indians are routing their foreign funds back to India as the capital appreciation in Indian capital markets is far more attractive. In Swiss bankseditIn early 2. Indian media alleged Swiss Bankers Association officials to have said that the largest depositors of illegal foreign money in Switzerland are Indians. These allegations were later denied by Swiss Bankers Association as well as the central bank of Switzerland that tracks total deposits held in Switzerland by Swiss and non Swiss citizens, and by wealth managers as fiduciaries of non Swiss citizens. James Nason of Swiss Bankers Association in an interview about allowed black money from India, suggests The black money figures were rapidly picked up in the Indian media and in Indian opposition circles, and circulated as gospel truth. However, this story was a complete fabrication. The Swiss Bankers Association never said or published such a report. Anyone claiming to have such figures for India should be forced to identify their source and explain the methodology used to produce them. In August 2. 01. 0, the government revised the Double Taxation Avoidance Agreement to provide means for investigations of black money in Swiss banks. This revision, expected to become active by January 2. Swiss banks in cases where they have specific information about possible black money being stored in Switzerland. In 2. 01. 1, the Indian government received the names of 7. Indians who had accounts with HSBC. As of December, 2. Finance Ministry has refused to reveal the names, for privacy reasons, though they did confirm that no current Members of Parliament are on the list. In response to demands from the Bharatiya Janata Party BJP opposition party for the release of the information, the government announced on 1. December that, while it would not publish the names, it would publish a white paper about the HSBC information. According to White Paper on Black Money in India report, published in May 2. Swiss National Bank estimates that the total amount of deposits in all Swiss banks, at the end of 2. India were CHF 1. INR 9. 2. 9. 5 billion, US2. The Swiss Ministry of External Affairs has confirmed these figures upon request for information by the Indian Ministry of External Affairs. This amount is about 7. In February 2. 01.