None of the steps the Narendra Modi government has taken so far to check black money are convincing enough unless the rock bed of black money generation is destroyed — opaque political funding. This is what helps the idea of illicit money to take birth and flourish. Political parties need money to operate and netas need it to make their family fortunes. For ages, tax cheats have been feeding politicians […]

Modi shocked India when Rs 500 (£6) and Rs 1,000 (£12) notes were withdrawn Panic set in across India with many people rushing to exchange their life-savings People were forced to declare, exchange or throw away their money Black money refers to funds earned on the black market, on which income and other taxes have not been paid. It was thought that black money would get burnt or caught in […]

India launched its ambitious pan-India indirect tax regime, the Goods and Services Tax (GST) at the stroke of midnight hour to bind the country into a regime of “one nation, one tax, one market”. President Pranab Mukherjee and Prime Minister Narendra Modi pressed the button to launch the new indirect tax regime on a digital screen with “GST” emblazoned on it in a golden hue to mark the entry of […]

An estimated USD 770 billion in black money entered India during 2005-2014, US-based think tank Global Financial Integrity (GFI) has said in its latest report. Nearly USD 165 billion in illicit money exited the country during the same period, the global financial watchdog said. During 2014 alone, about USD 101 billion black money entered the country while USD 23 billion exited, the report added. “Illicit financial flows (IFFs) from developing […]

Over 2,000 fresh accounts were opened in a Bareilly branch of State Bank of India post-demonetisation till December 31 to allegedly channelise black money in which at least Rs. 8 crore were deposited in old notes, a CBI probe has found. The CBI has now registered an FIR against unknown bank officials and unknown persons for criminal conspiracy, cheating and corruption. Based on source information, the CBI had carried out […]

A Karnataka land official’s driver who committed suicide left a note stating he killed himself because he was harassed for knowing how the officer converted into legal tender Rs 100 crore black money belonging to mining baron G Janardhan Reddy, said police. Ramesh Gowda, the driver of special land acquisition officer Bheema Nayak, stated in the note that this money was used in the lavish wedding of Reddy’s daughter in […]

We, Indian are very optimist. We usually hope a lot even when we know that nothing such sort thing going to happen. I remember an interesting joke which is relevant here. A man bought ticket for the same movie more than 50 times and after a particular time, he used to leave the Theatre. An amused Theatre employee asked him “what is speciality in this movie, why you leave after […]

Renewing her attack on Modi government for ban of old Rs 1,000 and Rs 500 notes, West Bengal Chief Minister Mamata Banerjee today demanded withdrawal of this “black” political decision saying it is against the common people. “Withdraw this ‘black’ political decision which is anti-commoner. Markets across India ruined, purchasing power crashing, people pained,” she tweeted.    Claiming that she had said this before, Ms Banerjee said, “But given the […]

Thousands are queuing up outside banks and post offices across the country, exchanging their banned 500 and 1000 rupee notes for the newly introduced currency on Wednesday. But two days after Prime Minister Narendra Modi announced the demonetisation of high value notes as a move “to break the grip of corruption and black money,” questions are being raised on the rationale of introducing the Rs 2000 note besides pumping in […]

The government is learnt to have been working on this proposal over the last two months Making one of his boldest moves since assuming power, Prime Minister Narendra Modi Tuesday announced that Rs 500 and Rs 1,000 notes will be withdrawn from circulation at midnight, saying this decision was taken to break the grip of corruption and black money. Addressing the nation on television at 8 pm, the Prime Minister […]