Posted at 6:25 PM , on October 5, 2015
The window surely proved to be highly inadequate
September 30th was the last day of the Black Money Window, where Indians with black money stashed abroad could make a one-time declaration and get amnesty. At the conclusion of the scheme, a total of Rs.3770 crore was collected from 638 declarers. By any yardstick, this number is disappointing. If one recollects the Voluntary Disclosure of Income Scheme (VDIS 1997), it was a major success. Despite the ethical arguments, the scheme was a huge success. Then what went wrong with the Black Money Window 2015?
Posted at 1:42 PM , on May 28, 2015
A few misses, but a lot many hits too…
The media is rife with analyses of the first year of the Modi government. To be fair, 365 days is not exactly a long enough period to assess the performance of any government. More so since the economy was in virtual shambles when the NDA under Modi assumed power. Growth was low, inflation was high, projects were stalled and the bureaucracy had come to a grinding halt. As one looks back there have been a few misses, but a good number of hits too. Continue reading
Posted at 2:31 PM , on March 10, 2015
A first step in the right direction…
The Union Budget announced on February 28th 2015 has taken the first step towards a comprehensive Black Money Act. The act raises a few questions. Could this have been achieved by amending the FEMA or the PMLA? Was there the need for a separate Black Money Act and what would it achieve?
The size of the parallel economy…
There are varying estimates of the size of the black economy. Aggressive estimates put it at par with the legitimate economy. Even conservative estimates believe that it could run into several hundred billion dollars. The crux of the matter is that the amount of black money stashed away abroad and within India is massive, to say the least. Continue reading