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Govt`s overdrive on blackmoney yielding results

Last Updated: Wednesday, June 1, 2011 - 18:58

New Delhi: Amid the threat of Yoga Guru Baba
Ramdev to go on hunger strike on the issue of blackmoney from
June 4, the government on Wednesday said the series of steps taken by
it to unearth unaccounted wealth have started yielding

The income tax department, sources said, has detected
unaccounted income of Rs 18,750 crore in the last two
financial years and collected an additional Rs 22,697 crore as
taxes by stepping up vigil on cross border transactions.
Besides, they added, the government detected
mis-pricing of goods to the tune of Rs 33,784 crore in the
last two years.

Called as transfer pricing in tax parlance, the
mis-pricing has emerged as the main method of transferring
illicit funds outside the country.

The success achieved in checking the menace of black
money, sources said, can be attributed to the focused strategy
adopted by the Finance Ministry.

The focus of the strategy includes stopping the
transfer of funds to other countries; better realisation of
taxes through special attention to cross broader transactions;
unearthing the black money in the country and enhanced flow of
information from foreign jurisdictions.
The income tax department, sources further said, has
collected 7,704 pieces of information related to tax evasion
and money laundering from different countries and is going
ahead with investigations.

Meanwhile, senior ministers are trying to persuade Yoga
Guru Ramdev not to go on hunger strike as the government
is already taking steps to curb the menace of black money.


First Published: Wednesday, June 1, 2011 - 18:58
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