Repatriation of black money – India’s cherished dream amidst the challenges of international regulations
Journal Title: International Journal of Interdisciplinary and Multidisciplinary Studies (IJIMS) - Year 2016, Vol 3, Issue 2
Abstract
Creation of black money perceived by underground economy existed in India even before its independence. Recovering the illicit funds and injecting it into economy was our dream and this was recurrently discussed in each government’s regime. Over six and half decades the government has at various times announced several schemes offering opportunities to bring black money from abroad but the results were not so effective. In recent past, new government revived the issue of repatriating each penny of illicit funds stashed abroad by a great promise as an election agenda. Hence, the need of the hour is a multi-pronged strategy including joining the global crusade against black money, creating an appropriate legislative frame work, setting up institutions for dealing with illicit money, developing systems to implementation, and imparting skills for effective action, is required to deal with legal treatise to unearth illicit transfer outside the country and repatriating it back to India.
Authors and Affiliations
Surajit Ghosal
Keywords
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