The government of NDA’s first cabinet decision that taken on May 27, 2014. PM Narendra Modi observed and set a special investigation team (SIT), that led by retired Supreme Court judge, and manage the coordinated crackdown of black money, that plan has marked many administrative and the legislative actions since then. The government has been partially successful, with these three amnesty schemes and after the thousands of search and survey done by the income tax department, then the CBI and the Enforcement Directory yielding the disclosures of nearly Rs 1 lakh crore in unaccounted for income. By the Income Disclosure Scheme of 2016, they bought more than Rs 67,000 crore into the system. That is the return of black money promised at the time of 2014 campaign it is the matter of legal process in the cases where it has recognized, but the initiatives like demonetisation are intended to the signal as a preparedness to take on undivided interests.
By the demonetization of Rs 500 and Rs 1,000 notes, the last year was the most visible and the controversial anti-corruption measures was undertaken by the government of Modi. It has taken out the 85% of the money in circulation, and it forced the people to deposit the cash in their accounts. Nearly 18 lakh of individuals have been recognized by their transaction of Access the permitted deposit limits.
The IT department has separated close to one lakh of high-risk People who are ready to face the investigation, each of them should make deposits of over more than Rs 25 lakh in bank accounts from unverifiable origins of income. By the report of the government sent through demonetization was unambiguous: unaccountable cash collections were not safe. The government’s original actions have also served the political purpose of sending out the message that Modi is serious about fighting black money and hurting the rich in the process.
The government’s original actions have also served the political purpose of sending out the message that Modi is serious about fighting black money and hurting the rich in the process.
The first amnesty scheme is mainly for the foreign assets, that launched in 2015 it yields nearly Rs 2,500 crore in taxes uncovered over Rs 4,000 crore in the foreign assets. From the income disclosure scheme of 2016, it is for the domestic black money holders by that they deliver nearly Rs 30,000 crore in tax as well as penalties.
Then, where the PM’s Garib Kalyan Kosh for people is to disclose unaccounted that is for income post demonetisation, that is believed to have received over Rs 4,000 crore. The IT department had launched its ‘operation on clean money on January 31, by conducting that about 9,000 search and survey operations against higher tax evaders. The Department directed to unearth an additional of Rs 23,000 crore in undisclosed income. Now they are raiding the high-profile politicians and their fronts.
Legislative and other initiatives
The PMLA was changed in 2015, allowing for the “attachment of property equivalent in value held within the country where the assets or profits of crime held outside.”
Then the government also ordered the Black Money (Undisclosed Foreign Income and Assets), and Imposition of Tax Act to appropriate black money stashed abroad.
These projects complemented the renegotiation of several double taxation avoidance agreements and the tax information exchanged through agreements with tax havens which helped the government to receive real-time information on round-tripping of unaccounted for income.
The Benami Transaction (Prohibition) Amendment Act, 2016, gives for attachment and confiscation of benami assets and jail of up to seven years.
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