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Business Economy


Report on 'unaccounted income' in India to be made public : AIBEA urges FM

Report on 'unaccounted income' in India to be made public : AIBEA urges FM

Hyderabad, Jun 13 (UNI) All India Bank Employees' Association (AIBEA) on Thursday urged Finance Minister Nirmala Sitharaman to make public the report on the unaccounted income in India as studied by the National Institute of Public Finance and Policy, which was commissioned by the Central Board of Direct Taxes about 6 years ago.

In a letter to Ms Sitharaman, AIBEA General Secretary Ch Venkatachalam, while giving proposals and suggestions for the ensuing budget said, a separate task force should be formed to unearth the unaccounted income and black money, which are in the form of assets, real estates, foreign currencies etc.

The report would throw light on as to how the black economy thrives in the country, which shall be the guiding factor for devising policies to curb black money, he said and added that there should be a definite plan to bring back the black money stashed away abroad.

Mr Venkatachalam said the names mentioned in the “Panama Papers” should be disclosed to public and stringent measures to be taken and initiated to bring back the money stashed away in the offshore tax havens.

He said the size of the black economy is more than 70% of the GDP and hence, urgent measures are required to curb the black economy, tax evaders and offenders.

The money unearthed shall be invested in social spending, infrastructure sector, essential sectors like health, education, food security, which sectors have very low budget allocations due to fiscal deficit targets.

To ensure that the Black money does not flow into the coffers of the political parties, the electoral bonds should be scrapped as there is no need for disclosure of the names of the donors, the AIBEA General Secretary said.

UNI CS 1244

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