October 15, 2015

Modi's $1 Trillion Hunt Earns Only Enough to Buy India Ice Cream

After saying India had enough illicit funds overseas to buy everyone a new car, Prime Minister Narendra Modi has so far only recovered enough to get them a scoop of ice cream.

India brought in about25 billion rupees ($385 million) from a three-month window that ended last month before penalties increase on funds stashed abroad to avoid tax, known locally as black money. That amounts to 20 rupees for every Indian, far short of the 2 million rupees per person that Modi said was possible while campaigning last year.

What’s more, tax experts say that Modi isn’t likely to bring in much more under the legislation designed to recover as much as $1 trillion estimated to have been sent abroad over the past five decades. India has long struggled to bring in enough revenue, leaving it with one of the widest budget deficits among the largest emerging markets.

Source: http://www.bloomberg.com/news/articles/2015-10-14/modi-s-1-trillion-hunt-earns-only-enough-to-buy-india-ice-cream

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