India's Finance Minister Pranab Mukerjee has proposed the setting up of fast-track courts to deal with the issue of illegal money and tax evaders.
Mr Mukerjee said the government had already brought five bills in the parliament to deal with the problem.
The minister presented a "white paper" on illegal money in the lower house.
It did not name any offenders or give any estimates for illegal money but earlier reports have said $500bn was deposited in overseas tax havens.
Outlining the various proposals to deal with the problem of black money, the minister suggested that anti-corruption ombudsmen be appointed at the central and state levels.
"While these measures will set the tone for an equitable, transparent and a more efficient economy, there is much that we could do, both individually and collectively, to strengthen the moral fibre of our society," Mr Mukerjee said.
In the past, officials have said that illegal funds were often sent to tax havens such as Mauritius, Switzerland, Lichtenstein and the British Virgin Islands among others.
Analysts say this flight of capital has helped widen inequality in India.
According to one estimate, India's underground economy accounts for 50% of the country's gross domestic product.
In recent months, India's Congress party-led government has been on the back foot on the issue of black money and corruption.
The Supreme Court has also chided the government for not doing enough to unearth illicit money.
Forex: USD/JPY up as dollar gets stronger - FXStreet.com
Forex: NZD/USD up ahead of inflation data - NASDAQ
FXstreet.com (Barcelona) - The kiwi dollar is inching higher at the beginning of the trading week, hovering around the 0.7575 region after topping in levels above 0.7600 and ahead of the RBNZ inflation expectations in the second quarter (prev. +2.5% YoY), due tomorrow during the Asian trading hours.
Risk appetite has intensified after Chinese Premier W.Jiabao has argued that his country will focus on policies in order to boost the economic growth, bolstering the rally in the region early morning.
J.Kruger, Technical Currency Strategist, admits that "the market has extended declines significantly since breaking down below some key multi-week support at 0.8050, and risk remains for deeper setbacks…towards 0.7370…". The expert also comments that technical studies would show 'oversold' conditons at these levels, and a small bounce to the 0.7800 region should not be ruled out.
As of writing, NZD/USD is advancing 0.37% at 0.7577, facing the next resistance at 0.7622 (low May 17) ahead of 0.7681 (low May 15) then 0.7758 (low May 14) and 0.7798 (hourly highs May 14/15).
On the flip side, a violation of 0.7523 (hourly sup Dec.15) would expose 0.7492 (Lower Bollinger) then 0.7461 (low Dec.15) and 0.7447 (low Nov.28).
FOREX-Euro gets respite, but stays under pressure - Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
No comments:
Post a Comment