Black Money Counterfeits and Demonetisation -An Indian Experience by T.P. Ghosh

This book is about the ubiquitous influence of corruption and tax evasion on accumulation of black money in India and menace of counterfeits in terrorist funding which accentuated Demonetisation 2016 in India. Scrolling through historical perspectives of demonetisation, it explores deficient administrative and legal framework in which black money grew and flourished including unsatisfactory outcome. It also reviewed efficient remonetisation process including participation of public at large in the war against black money ignoring difficulties of cash shortage, post-demonetisation public support and economic consequence of demonetisation

HIGHLIGHTS

Low Tax Base and tax GDP ratio
Correlation between Low Tax base and Corruption Perception Index
Role of Governmental agencies
Lokpal and Lokayuktas
Jan Dhan account as vehicle of conversion of black money
Enquiry Commissions in India
Trade based money laundering
Hawala Transactions
Comparative Currency GDP Ratio
Fraud Loans in India Public Sector Banks
Voluntary Disclosure Schemes
Level of cash transactions across selected countries
Amendments of DTAAs with Mauritius, Singapore and Cyprus
Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
Taxation Laws (Second Amendment) Act, 2016
Benami Transaction (Prohibition) Amendment Act, 2016
Developments in Prevention of Corruption Act
Improvement in concurrent audit of banks
Operation clean money