Black money chase: Hawala, real estate, election funds Modi’s next targets?

Here are details of yet-to-be-public 1000-page report on which the govt may have based its crackdown

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Even as the government has launched a high-profile drive against black money, a 1,000-page study on unaccounted incomes in India has not been made public for a year now. Produced by the think-tank National Institute of Public Finance and Policy (NIPFP) at the instance of the UPA government of 2012, the report was submitted to the present government in 2016.

A detailed study on unaccounted incomes in India has outlined a multi-pronged strategy that the government should adopt to curb generation of black money by professionals, educational institutions, capital market intermediaries and real estate players.

In addition, the voluminous report running into over a thousand pages makes concrete suggestions to plug legal loopholes to prevent generation of black money through election funding, money laundering and clandestine transfer of wealth abroad. Equally significant, the report lays down a road map for beefing up the income-tax department to tackle the menace of black money.

The report has been produced by the National Institute of Public Finance and Policy (NIPFP) at the instance of the government, which had issued an order in 2012 entrusting the fiscal policy think tank with this task. The report, which has been reviewed by Business Standard, was submitted to the government only a year ago, but its findings are yet to be made public, even as the present government under Prime Minister Narendra Modi has launched a high-profile drive against black money.

It is also significant to note that some of the recommendations made by the NIPFP report seem to have already been implemented by the government in the last year or so, though after some modifications. What the fate of the other recommendations to eliminate black money is likely to be, however, is not clear as of now. Therefore, a quick look at some of the salient recommendations made by this report could provide a clue to the likely course and direction of government action against black money in the coming few months. | READMORE…

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