Dealing With Black Money Economy: Learning from Best Practices
Given the present campaign and public outcry amongst the general Indian public as well as in the political echelons about the growing black money role in our economy, a panel has been set up by the Finance Ministry to examine ways to strengthen laws to curb generation of black money, prevent its transfer abroad and [...]
The Benami Transactions (Prohibition) Act,1988 : A Case of 23 Years of Non-Implementation
Benami transactions contributing to the making of a parallel black- money economy trace a long history into India’s past. It was as early as 1778 that Justice Hyde’s notes made a mention of it after the establishment of British rule in India. Then in 1882, the courts were forced to enforce it when the Indian [...]
Grounding India’s Illiicit Flight of Capital: Recovering the illgotten wealth
2010 has been a watershed year in Indian politics. With the disinterring of scams and scandals, India stands exposed to the ravages of systemic corruption. The nexus of illegality which has a symbiotic relationship with the black economy has led to the sequestering of the nation’s resources in the hands of venal politicians, bureaucrats and [...]