Today, India’s PM Narendra Modi, second time spoke to the nation since coming to power in May. He said he was committed to bring back funds illegally transferred outside India in order to avoid tax. He emphasized the “black money” belonged to the poor of the nation.
Illicit deposits abroad cost India billions of dollars in lost revenue. Modi had earlier promised his government would change laws and introduce new measures to bring the money back to serve the nation.
Washington-based Global Financial Integrity has estimated that India suffered $344bn in illicit outflows between 2002 and 2011.
Modi’s government has already submitted a list of people with illegal foreign bank accounts to the Supreme Court of India.
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Source: Reuters, Business Insider
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