India needs to do more on black money issue: Citi
Tuesday, 01 February 2011, 06:36 IST
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New Delhi: Global financial firm Citi today said India needs to take more measures to stop illicit funds' flow to tax havens even as the government's recent steps have yielded some results. "While government efforts are showing some results...more needs to be done to address the annual loss of assets overseas via illicit flows," Citi said in a report. During the last 18 months the government has detected undisclosed income over Rs 15,000 crore, the Directorate of International Taxation has collected taxes of Rs 34,600 crore and the Directorate of transfer pricing has detected mis-pricing of Rs 33,800 crore. Besides, the Indian government earlier this month adopted a 5-fold strategy that seeks a more proactive role for itself in the global crusade against illicit funds and creating an appropriate legislative framework including setting up overseas tax units.
Source: PTI
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