Pakistan News

    Black Money In India Pakistan Border

  • India needs greater oversight of ‘black money’

    MUMBAI: A Supreme Court-appointed special investigations team said Indian regulators need to provide greater oversight of money laundering in stocks as well as “black money” being repatriated to the country through investments in equity derivative products...

    India has long suffered from so-called black money, or funds illegally deposited in banks outside the country to avoid tax...

  • A year after cash ban, India's black money market is thriving

    When India declared most bank notes unuseable a year ago in an effort to flush out tax cheats, one steel manufacturer was so spooked he resolved to do business by the book in future...

    But 12 months on from the shock move, the industrialist says he has gone back to cash under the table at the insistence of his buyers — undermining government claims that the bold scheme has cleaned up India's graft-ridden economy...

  • A year after cash ban, India’s black money market is thriving

    NEW DELHI: When India declared most bank notes unusable a year ago in an effort to flush out tax cheats, one steel manufacturer was so spooked he resolved to do business by the book in future...

    But 12 months on from the shock move, the industrialist says he has gone back to cash under the table at the insistence of his buyers — undermining government claims that the bold scheme has cleaned up India’s graft-ridden economy...

  • India ranks 4th in black money outflows per annum: US think-tank

    NEW DELHI: India has been ranked fourth in the world for the outflow of black money by an American think-tank, with some $51 billion being siphoned out of the country annually between 2004-2013, said a report published on the Hindustantimes website Wednesday...

    According to an annual report released by Washington-based Global Financial Integrity (GFI), China topped the list with a $139 billion average black money outflow per annum,...

  • India's move to curb black money a 'disaster' for rural women, activists say

    India's move to withdraw high-value rupee bills from circulation to crack down on corruption and counterfeit currency has hurt rural women particularly hard, as most of them are outside the banking system, activists said...

    The shock currency move cancelling 500 and 1,000-rupee notes from circulation overnight, announced by Prime Minister Narendra Modi last week, aims to bring billions of dollars worth of unaccounted wealth, or "black...

  • While India plugs black money holes, Indians find leaks

    Indians are inventing ingenious ways to try and hide their money from the tax inspector, as the government attempts to flush out vast undeclared wealth by abolishing high denomination bank notes...

    Those plans involve depositing old bills in bank accounts, however, where they can be seen and analysed, and, as millions of Indians scramble to convert savings using this method, some with piles of so-called “black money” are looking for...

  • Russia mourns 92 killed in Black Sea jet crash, hunts for black box

    Russia held a national day of mourning on Monday, a day after a Syria-bound military plane crashed into the Black Sea killing all 92 people on board, and expanded a search operation to try to recover passengers' bodies and the jet's black box...

    Thirty nine ships, five helicopters, a drone, and more than 100 divers were involved, he said, and soldiers were scouring the Black Sea coastline as well...

  • Billions of black money being used to fund terrorism in Karachi: Rangers chief

    KARACHI: Pakistan Rangers, Sindh, on Thursday claimed to have estimated more than Rs230 billion being generated annually from Karachiites through extortion, smuggling of Iranian diesel, water supply and land-grabbing, mainly patronised by “a major political party”, and that part of that huge amount was also being used for “terror-funding”, a decade-old gang warfare in Lyari and criminal activities across the city...

    The statement...

  • Recalling black money

    When the elite have investments in other countries, who will be interested in investing in Pakistan? When the government is not interested in making state institutions independent of political influence, it will be difficult to achieve economic growth...

    He should then use that money to free the country from local and foreign debts...

  • PTI policy body plans legislation on black money

    LAHORE: The Pakistan Tehreek-i-Insaf (PTI) plans to take up the issues of bringing back black money stashed abroad, undeclared foreign income and assets, anti-money laundering and tax reforms by introducing new legislation in the coming National Assembly sessions...

    He says corruption and money laundering remained the most discussed issues but neither any government nor opposition had done worthwhile work to curb these menaces from...

  • Indians declare $500 mn in black money in tax crackdown

    NEW DELHI: Indians declared $500 million in black money, the government announced Thursday, a fraction of the total amount feared hidden, as a deadline for coughing up assets hidden from the taxman expired...

    Indian Prime Minister Narendra Modi took power last year pledging to crack down on black money, a systemic problem in India that sees billions of rupees hidden in foreign bank accounts or funnelled into property abroad...

  • Indian farmers fear lost crops and income after ‘black money’ move

    India’s 263m farmers mostly live in the cash economy, exposing them to the full impact of Prime Minister Narendra Modi’s shock Nov 8 announcement that larger denomination bank notes would immediately cease to be legal tender...

    Modi’s drive to purge “black cash” from the economy has, at a stroke, wiped out 86 per cent of the money in circulation...

  • Five ways Indians are dodging the 'black money' crackdown

    The announcement threw India's cash-dependent economy into turmoil and triggered a mad rush among people with undeclared, unaccounted cash — so-called “black money” — to exchange old notes or use them to buy gold and luxury items...

    Tax evasion is rife in India with many small businesses and professionals such as doctors and lawyers asking to be paid in cash to avoid taxes...

  • ‘Black money generation is continuous’

    Arun Kumar, a former professor of economics at Jawaharlal Nehru University, is an authority on black money...

    He has authored The Black Economy in India, one of the most authoritative accounts on the extent of the problem in the country...

  • Modi’s black money move, a closely guarded secret

    NEW DELHI: Prime Minister Narendra Modi handpicked a trusted bureaucrat, little known outside India’s financial circles, to spearhead a radical move to abolish 86 per cent of the country’s cash overnight and take aim at the huge shadow economy...

    While some advocates say the scrapping of the banknotes will bring more money into the banking system and raise tax revenues, millions of Indians are furious at having to queue for hours...

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