Prevention of Money-laundering Act, 2002 (15 of 2003) or the Black Money (Undisclosed Foreign Income and Assets) and Imposition
avoid payment of capital gains on transfers, to
invest unaccounted money (`black money') and to avoid payment of
`unearned increases' due to Development ... effects of such
SA/GPA/WILL transactions (that is generation of black money, growth of
land mafia and criminalization of civil disputes) as under
higher value in the black market than
that originally subscribed and this would enable a larger
amount of black money to be legalised into white ... largely the product of black market
transactions and evasion of tax. The abundance of black
money has in fact given rise to a parallel economy
social planning it is necessary to canalise for productive purposes black money which has become a serious threat to the national economy;
And whereas with ... such as payments of secret commission, bribes, money, pugree etc. which need keeping on hand money in black; (5) ineffective administration and enforcement
Baba Ramdev was the first person to raise the issue
of black money publically. The black money outside the country
was estimated at total
Section 51 in The Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
51. Punishment for wilful attempt to evade
Section 50 in The Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
50. Punishment for failure to furnish in return
recommend concrete and effective measures.
(i) to unearth black money and prevent its proliferation through further evasion ;
(ii) to check avoidance of tax through various ... Government from 1936 onwards the twin problems of "black money and tax evasion" have continued unabated. In December 1970, the Committee made
Section 8 in The Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
8. Powers regarding discovery and production of evidence
Section 59 in The Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
59. Declaration of undisclosed foreign asset.—
Subject