Black Money – Domestic and International Efforts

Hiding foreign assets to be a ‘very risky affair,’ Sinha

Indian govt will start receiving information of overseas assets from other nations and failure to disclose them will become a very risky affair from 2017.

  1. Cooperation among countries and sharing of information is the key to unearthing illicit money stashed in safe havens.
  2. Strict bank secrecy has ended, and a new environment of transparency is now operational.
  3. India is an early adopter of Common Reporting Standard and committed to adopting it by 2017.

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