Millennium Post

A good beginning

Future of the phrase ‘many a moon’ for Indian black money hoarders seems short-lived now.  And why shouldn’t it be? After all, the five month old Indian government has finally got some lee-way into finding the sources of one of India’s biggest scourge, the black money.  The latitude that India seems to have managed is an agreement that the G-20 members seem to have managed that will mandate automatic sharing of all bank information with tax authorities on an annual basis starting, 2017. Although it is not going to happen in the next three years but at least there is hope that the ill fated money might well come back as legitimate dollars back into the country. The question that naturally arises is that why the money is ill fated? The answer to it is simple: It is ill fated because it could not remain assiduous as it crossed the fraudulent hands of its dealers.  Another good tiding for India has been that in the list of countries which are expected to be early adopters to share black money details along with India on OECD’s Global Tax Forum are Switzerland and Mauritius. With this global and transparency exchange vying for a commitment from 122 other nations before September, 2017 or early 2018, things have never looked better for India than ever before. This essentially means that a lot of countries that are tax protectorates and are allegedly stashed with illicit wealth would automatically start to share details with each other and the current order of disclosing information on request would effectively go. Another huge boost would be that information will also be available retrospectively, but only on request. This is a strategic move as going further this essentially means that tax havens might just cease to exist and sinister and devious designs may be quelled on that frontier if for nowhere else. This in itself is a massive achievement for the relatively new government.
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