A dummy's guide to tax havens and black money

Abstract

The Supreme Court wants a SIT to monitor efforts to bring back black wealth hidden abroad and the government says it is over-reaching. But what is black money, and why is it important enough for government and court to fight over it?. On Friday, the Union government sought a review of the Supreme Court's order constituting a Special Investigative Team (SIT) to probe the issue of black money stashed abroad. The government believes this is judicial over-reach, but it forgets that the courts stepped in because of executive "under-reach." It is one thing to object to a Supreme Court-appointed SIT, quite another to be SITting on your hands doing nothing.

But stashing money abroad is not just about the government not earning its share of tax revenues. It is actually a vote of no-confidence in the country and its people. Hence, it is financial skulduggery. Here's the second part of our Dummy's Guide to Tax Havens and Black Money in which we explain how black money is generated and spirited away. Read more at: https://www.firstpost.com/politics/a-dummys-guide-to-tax-havens-and-black-money-42574.html