echo ''; Clamorworld » In everyday life every one of us comes across various experiences, incidents which we either don’t share with anyone or share with family members and friends. Print media, electronic media and various medium shows the news, but its ends up showing one sided of the story. We never come to know the other side of story. With so much happening every day, every second across our neighborhood, society, and world it’s difficult for the news media to cover all the news. Many times we have felt wish we could share our voice, opinion, thoughts with the world. Many a times we have felt the frustration, anger and helplessness for not being able to do anything about an incident. Have you ever felt, for a good cause, you need support, but don’t know how to garner the support and attention. So, now you have an option “www.Clamorworld.com“. This is a platform to share everything you want to. A website 100% runs by the people for the people. The world is waiting to listen to your voice, the voice which has kept you suppressed so far. If you do not want to share the incident, event personally, please send it to us at contact@clamorworld.com, and we will share it on your behalf and assure to keep your name confidential. Let’s make this world a peaceful and a happy place to live. » $181 billion Indian black money stashed in tax havens: Report

$181 billion Indian black money stashed in tax havens: Report

 

A new report on Indians stashing their black money in tax haven and assets abroad illegally is startling.

As per a report in the Times of India, senior economists from the Bank of Italy have come up with an estimate on black money. The report states that Indians have stowed between $152-181 billion in black money overseas.

It however mentions that the calculation indicates only cash deposits since it is “impossible to get a handle on other wealth invested in physical assets like real estate, gold or art”, the TOI report further said.

It may be recalled that in a stern warning to black money holders, the government last month said those caught with illicit wealth within the country would have to cough up 90 percent in tax and penalty and also face up to 7 years in jail if they fail to declare it during the four-month compliance window.

The window, announced by Finance Minister Arun Jaitley in his Budget 2016-17, will begin on June 1 and provides an opportunity to avoid prosecution with payment of 30 percent tax and 15 percent penalty.

After the end of the window, the penalty will increase to 60 percent while 30 percent tax will also have to be paid—thus doubling the total payout to 90 percent from 45 percent.

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