It may have cleaned out some black money, but nothing is done so far to slow down the generation of black money.
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Indeed, the assault on black money is justified and overdue.
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"Getting information is my business," Archer says in Black Money.
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Following the demonetization program, which was aimed at going after so-called black money or undeclared income, economists expect Narendra Modi's government to go after other avenues of black money including real estate, gold and foreign currencies.
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He mistakenly said "black money" instead of dark money during an interview.
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" The program was funded by $22 million dollars worth of "black money.
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About a third of business in India is done with black money.
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Background reading: • Glowing auras and "black money": the Pentagon's mysterious U.F.O. program.
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Black money is just money held by people instead of the government.
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The word became a combination of black money ("black") and rent ("meal").
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Money, whether illicit black money or not, has become unusable for these people.
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Modi is using a very crude tool to crack down on black money.
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Mr. Modi has kept his promise of taking stern measures against black money.
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About a third of all business in India is carried out using black money.
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"It is like a surgical strike on black money," said Revenue Secretary Hasmukh Adhia.
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"So if bribery is not stopped, how can black money be stopped?" he asked.
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The punitive taxes levied on black money that is deposited will feel like flea-bites.
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The removal of 100-bolivar notes is intended to stop the use of black money.
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Most of the so-called black money is held in 500- and 1,000-rupee notes.
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The bulk of economists believe the black money windfall should be allocated to social programs instead.
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The country's Supreme Court had already appointed a Special Investigation Team to look into black money.
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Instead, the plan appears to have only briefly inconvenienced holders of that so-called black money.
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Modi withdrew 500 and 1,000 rupee notes from circulation to make hoarded cash, or black money, worthless.
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Schneider-Ammann said no figure had been put on the amount of "black money" to be recovered.
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During the 2014 elections, Modi pledged to bring back billions of dollars in "black money" if elected.
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Before too long, the caricatured version of black money driving Indian real estate is no longer applicable.
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Past efforts to attract black money into the light—using tax amnesties, for example—have had little effect.
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Either the "black money" never existed or, more likely, the hoarders found a way of making it legitimate.
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The aim was to wipe out "black money", piles of ill-gotten cash stashed outside the banking system.
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Black money also sharply reduces the taxes collected by the government, and hence services available to the public.
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The move is an attempt to stamp out cash, known as "black money," being hoarded to avoid tax.
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"This was so-called black money," Reid told the Times regarding the Defense Department budget for classified programs.
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"This was so-called black money," Reid told the Times, referring to the Pentagon budget for classified programs.
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BJP officials accuse Mayawati of hoarding "black" money garnered from selling tickets to candidates to fund her campaign.
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According to the Justice, Carters, whose whereabouts was not immediately known, has connections with the black-money dealers.
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He was referring to Modi's promises to uncover black money, remove counterfeit notes and hit at financing of terrorism.
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First, many parties have been forced to take a haircut in order to turn their black money into white.
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But its main impact will be on "black money", cash from undeclared sources which sits outside the financial system.
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Modi's agenda to crack down on black money makes sense in theory but it isn't working smoothly in practice.
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Demonetisation - regardless of the uncertain eventual benefits - was a bold step aimed at curbing the use of 'black' money.
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The idea of cracking down on black money is highly appealing to many Indians fed up with systemic corruption.
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Whole industries, like real estate, trading, luxury retailing and wedding services, have been fueled by black money for decades.
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"This very conception of 'black money' is absurd," left-leaning economist Prabhat Patnaik wrote in The Citizen, an online daily.
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The truly corrupt hold their black money not as money at all, but as real estate and bank balances abroad.
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Because of those rules, officials had expected that a lot of black money would never make it back to banks.
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"At least for some years, black money holders will live in fear for what's coming next for them," he wrote.
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Now, read the article, "Glowing Auras and 'Black Money': The Pentagon's Mysterious U.F.O. Program," and answer the following questions: 1.
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So either the rich weren't hoarding as much "black money" as was supposed, or they have proved adept at laundering it.
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There also is no evidence that black money actually is more inflationary than white money; nor in theory should it be.
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" But analysts warn the RBI risks under-estimating the impact of Prime Minister Narendra Modi's crackdown on unaccounted cash, or "black money.
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He said that by making people turn in old bank notes, he would capture billions of rupees of so-called black money.
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In theory, whatever black money cannot be laundered will be worthless, yielding a gain for government's finances and perhaps ultimately for poorer Indians.
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In recent days, government ministers have come out in full force calling demonetization a success, celebrating the anniversary as "anti-black money day".
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Regardless, most economists believe that wiping out black money will also require an aggressive approach on the endemic bribery that propels the system.
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Rajan had previously said he was against demonetization and preferred other ways to tackle India's "black money" problem, such as offering tax incentives.
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This is government's attempt to tackle corruption, black money flow, counterfeit as well as terrorism activities that often involve unreported stash of cash.
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A recent amnesty programme for "black money" has just passed meaning the tax man is unlikely to look upon undeclared cash piles with sympathy.
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He has touted his war against "black money" as vital reform to boost state coffers and help the government battle tax evasion and corruption.
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"The real object of demonetisation was formalisation, attack on black money, less cash currency, bigger tax base, digitisation, a blow to terrorism," Jaitley said.
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They agreed that the party's attempt to rout out black money by invalidating most of India's currency, known as demonetization, had not really worked.
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India has a large amount of what is known as "black money," meaning cash or any other form of wealth that has evaded taxation.
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" — Sanjeev Madhav, self-employed in Mumbai "This move was a rude shock to those who were comfortably sitting on their pile of black money.
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This means that the government can expect to see the benefits of taxation on previously hidden black money over the coming months and years.
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Mr. Modi has argued that digital payments will check "black money" — the Indian term for unaccounted, often illegally acquired wealth — and other forms of corruption.
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"The move to restrict the circulation of large-denomination currency notes represents a major step in the government's fight against black money," Riser-Kositsky said.
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Modi pledged to crack down on the billions lost in black money during his 2014 election campaign and so far, he appears to be delivering.
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Hampered by so-called black money that is undeclared, the government announced last year that 500 and 1,000 rupee banknotes would be withdrawn from circulation.
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" The intended goal of currency removal was to "strengthen the hands of the common man in the fight against corruption, black money and fake currency.
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We stand by the government in its efforts towards taking black money out of the equation and offering a major boost to the Indian economy.
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So not only is the property purchased with black money, but the sellers pay less tax than they should because the prices have been understated.
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The ultimate aim of the note withdrawal was to curb the use of black money, which is in line with the government's broader reform agenda.
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Indian banks have been flushed with billions of dollars of deposits after the government announced withdrawal of high value currency notes to unearth black money.
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"Black money and corruption are the biggest obstacles in eradicating poverty," Modi said in a hastily convened address to the nation after a cabinet meeting.
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The idea was to make it difficult for hoarders of undeclared wealth, known in India as "black money", to exchange their undeclared cash for legal tender.
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"In this fight against corruption and black money, it is clear that you would like to walk shoulder to shoulder with us [the government]," he said.
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Families that had stashed large amounts of black money to spend in the coming wedding season, which starts in December, are scrambling to make contingency plans.
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This will mark the beginning of digital currency era and bitcoins have a huge potential to grow and eradicate black money totally out of the system.
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In India, real estate is the main vehicle politicians and businessmen have used to invest so-called black money, on which taxes have not been paid.
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In the meanwhile, Prime Minister Modi will address the nation on New Year's Eve to talk about demonetization and his government's attempts to curb black money.
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His goal is to flush out "black money", stores of wealth that bypass the tax system, finance election campaigns and grease the wheels of high-level corruption.
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Its initial popularity was based on the idea that the greedy rich, with their ill-gotten "black money" stored in stacks of banknotes, will get their comeuppance.
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The move comes as the Indian government bolsters its attempts to curb black money, counterfeit, corruption, and several terrorism activities that often involve stash of unreported cash.
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India discontinued its biggest denomination currency notes overnight in what is being seen as its biggest attempt to curb black money flow, corruption, counterfeiting and terrorism financing.
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But his decision to scrap 13 percent of the cash in circulation, in a bid to purge the economy of illicit "black money", has caused huge disruption.
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Since coming to power in 2014, Modi has pledged to crack down on so-called black money with new measures including 10-year jail terms for evaders.
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Indian Prime Minister Narendra Modi backed a shock ruling in November 2016 to outlaw 86% of cash in circulation to target undeclared "black money" and fight corruption.
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" Mr. Modi was elected in 3003 after running on an anticorruption platform that included a pledge to fight unaccounted-for cash, also referred to as "black money.
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One reason is that the bulk of black money in India isn't money at all: It's held in gold and silver, real estate and overseas bank accounts.
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The crackdown on unaccounted wealth will put further pressure on the real estate sector, considered a safe haven for "black" money and already battling slower home sales.
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The move – designed to rid the country of so-called 'black money,' counterfeit notes, and tax evasion – had a catastrophic impact on some of the nation's poorest.
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Prime Minister Narendra Modi personally led the shock move last November to outlaw 86 percent of the cash in circulation to target undeclared "black money" and fight corruption.
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The element of surprise is disruptive but without it, there would be time for black-money holders to launder their funds by purchasing gold, foreign currency or property.
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Basu says that most black money doesn't take the form of cash held in india but is instead held in gold, silver, real estate, and overseas bank accounts.
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It's estimated that as much as one-third of India's annual demand is paid for by "black money," funds held in secret by people to avoid paying tax.
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To a certain extent, analysts say, the Indian economy is so dependent on black money that economic dislocation was unavoidable if India was to seriously attack the problem.
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That is testament to the Modi's charisma; he has convinced many working class people that the cash crunch is a small price to pay for destroying "black money".
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French authorities also shared portions of the list with Argentina, Russia, Canada, Australia, Sweden, Belgium, Spain, Germany, and India (where the hidden funds were described as "black money").
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More than 90 percent of respondents, according to the findings, gave the government a "4-star-rating" for its efforts to get rid of black money (unaccounted for cash).
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While the move was aimed at targeting black money and counterfeit notes, it also hit parts of the economy, especially in poorer rural areas, which are mostly cash-based.
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He shook India in November by scrapping high-value banknotes in a bid to purge the economy of "black money" - the proceeds of illicit business, corruption and tax evasion.
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A: If you want to tackle the issue of black money, which was the primary justification for demonetization at the outset, I would have prioritized two sets of actions.
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Billed by the Prime Minister as a way to curb the influence of untaxed money -- or black money as it's known, Ganguly says the policy was rolled out ineffectively.
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At a hearing over legal challenges to Mr Modi's move, one judge joked that the government's claim of a surgical strike against black money looked more like carpet-bombing.
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India is hampered by so-called black money that is undeclared, untaxed or under the table, said Sasha Riser-Kositsky, lead South Asia analyst at research firm Eurasia Group.
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The real estate industry was already carrying an overhang of unsold inventory, and was hit by an earlier clampdown on "black" money, much of which is invested into property.
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Modi's "demonetization" scheme was designed to tackle a number of issues associated with "black money" — unaccounted-for cash holdings that haven't been taxed but, under the law, should be.
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Some people will turn in their black money and pay a penalty; others will destroy part of their illegal stashes in order not to draw attention to their businesses.
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And if the government really does want to limit the amount of black money in circulation, it would do better to move India toward becoming a more cashless society.
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This was meant to help identify people who were hoarding cash — or "black money," as it is known in India — to avoid paying taxes or to engage in corruption.
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Mr Modi has implemented a flurry of schemes to flush out "black money", the term Indians use for cash which is both unaccounted for and outside its formal financial system.
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Against that, the black-money crackdown will probably dent (or worse) already-fragile property prices, especially in big cities—and so the value of the collateral the banks lend against.
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"Most of the money that fuels Indian elections is so-called 'black money' that is transmitted off-the-books to avoid the prying eyes of the election commission," he says.
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"Most of the money that fuels Indian elections is so-called 'black money' that is transmitted off-the-books to avoid the prying eyes of the Election Commission," he says.
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Mr. Modi appealed to the public to bear the inconvenience for the promise of a nation free of "black money" — unaccounted-for cash on which taxes have not been paid.
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In addition to an oversupply, a recent Indian government crackdown on the so-called black money economy has hurt sales at competing developments, but the Trump name remains a draw.
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Since coming to power in 2014, Modi has pledged to crack down on so-called black money with a series of new measures, including 10-year jail terms for evaders.
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He also argued that the rich were hit the hardest as holders of most of the illicit cash, known as "black money," that his currency ban aimed to render worthless.
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Advertised as a way to force wealthy tax dodgers to turn in their "black money," and catch them unawares, the scheme also threw the lives of poor savers into chaos.
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Indian lenders have received an estimated 231 trillion rupees ($210 billion) in deposits after Prime Minister Narendra Modi banned 27.3 and 6.43,26.4 rupee bank notes last November to curb black money.
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Even government supporters now admit that its snap decision, in November 2016, to attack "black money" by scrapping the 86% of currency held in higher-value notes was a costly flop.
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From June to September, Modi's administration sent about 216,12.43 notices to suspected tax dodgers, persuading them to reveal undeclared income and assets, referred to as black money, and pay a penalty.
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People who have black money — or undisclosed money — will have to either declare it with the government and pay taxes on it, or sit on it and watch it become useless.
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In a separate statement, the government said the transactions of more than 300,000 firms were under suspicion post demonetisation, while 37000 shell companies were identified as involved in hiding black money.
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MUMBAI, India — Indians' ingenuity is being mightily tested as they rush to save their "black money," stashes of hundreds of thousands, even millions, of rupees they have accumulated without paying taxes.
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The better-than-expected GDP print also meant that the demonetization policy likely failed to tackle India's black money problem, for which it was introduced, said Schroders' emerging markets economist, Craig Botham.
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India has unearthed 1.25 trillion rupees ($18.51 billion) of undeclared "black" money, including 670 billion rupees in the recent income disclosure scheme, since his government came to power in 2014, Modi said.
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The banknote ban was launched to purge the economy of "black money", untaxed income and the proceeds of crime and corruption, but it has disrupted daily life and caused an economic slowdown.
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The government hopes the scheme will at least partly deliver on Prime Minister Narendra Modi's campaign promise to voters in 2014 to bring back billions of dollars in "black money" from abroad.
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Currency controls can certainly hinder large-scale black money operators, including counterfeiters and financiers of terror networks, but they don't address the conditions that allow hidden wealth to flourish, economists told CNBC.
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Ms. Devidayal argued in an interview that the wealthy were "always trying to find some bargain by saving on taxes" and were by far the biggest exploiters of the black-money system.
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Real estate has been particularly hard hit by the ban on black money, since sale documents filed with the government typically reflect only the portion of the sale price paid by check.
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India's shock currency move to withdraw its two highest banknotes aimed to bring billions of dollars of unaccounted wealth that people are hoarding, or "black money", into the mainstream economy and curb corruption.
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Over more than a year, Modi commissioned research from officials at the finance ministry, the central bank and think-tanks on how to advance his fight against black money, a close aide said.
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"The PM had promised that black money, terror funding, and fake currency will be eradicated," Congress chief Rahul Gandhi, the fourth-generation politician from the fabled Nehru-Gandhi dynasty, told a news conference.
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Analysts pointed out there could still be some beneficial outcomes - first, it would cut the supply of black money circulating the economy and bring some of it into the formal economy over time.
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Opposition politicians have skewered Prime Minister Narendra Modi for presiding over a situation where Mallya was allowed to leave the country, mocking Modi's election promise to bring back illicit "black money" stashed abroad.
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"The 'black money' drive will increase the pace of deceleration, specifically in the service sector, which has a lot of cash transactions," said Soumya Kanti Ghosh, chief economist at State Bank of India.
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It has never been made clear how much black money he actually captured, and perhaps he thought he could get away with the enormous disruption because India's economy had been doing so well.
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Two years ago, the prime minister suddenly invalidated large chunks of the country's paper currency in a bid to rid the economy of "black money" and deter criminals, including tax evaders and terrorists.
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He has landed rhetorical blows on Modi, taking the floor of parliament in March to liken a tax amnesty announced in the budget to a skin-lightening cream that turns black money white.
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The eventual effect of demonetisation to fight black money is not yet known but I believe the exercise will result in partial redistribution of wealth and additional fund flows into the government's coffers.
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And the "black money" hoarders have ways to liquidate their loot, for example hiring lots of people to deposit their notes into their own accounts and then send it back, all for a fee.
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Supporters had hailed the move, which was initially pegged as an important step in the fight against counterfeit notes as well as the so-called black money that has plagued the economy for years.
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"It shows resolve on the part of the government to do something about black money, which I like a lot," a hedge fund investor who is active in India but requested anonymity told CNBC.
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Supporters had hailed the move, which was initially pegged as an important step in the fight against counterfeit notes as well as the so-called black money that has plagued the economy for years.
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He led Modi's most controversial policies - the abolition and replacement of high-value bank notes in an attempt to crack down on black money, and the introduction of a nationwide goods and services tax.
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Unaccounted-for cash, or black money, is a huge problem for the country, because it keeps money out of banks where it could be lent to others, helping businesses grow and driving economic growth.
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"The card is really an extension of our whole way in which we've been communicating to our community: Black money matters and social justice is intertwined with building economic wealth," Williams told the Post.
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"The state poll results will be a key indicator for the 22018 general election on how people viewed Modi's drive against black money," Bank of America Merrill Lynch (BofAML) summed up in a recent report.
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Friday marks 100 days since demonetization in India, when the country replaced 500 and 1000 rupee notes ($7.49 and $14.9 respectively) with new 500 and 2000 rupee notes in an attempt to curb black money.
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The announcement by the Indian government was an attempt to crackdown on corruption and "black money", but following the movement, internet searches for the term "buy bitcoin" increased in popularity, according to Google Trends data.
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The Indian government announced a recall of 500 IR and 1,000 INR notes to counter so-called 'black money' in the country, and Canalys said that had a major impact on commerce, including smartphone sales.
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India's war against black money has led to several new policies and orders of late, one of which was announced by Finance Minister Arun Jaitley on Wednesday in his Union Budget presentation in the Parliament.
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But the 268.725-year-old New Delhi restaurant worker had his dreams shattered after the bank refused to exchange cash worth $440 because of a crackdown on "black money" ordered by Indian Prime Minister Narendra Modi.
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Rao noted, however, that tax authorities would assess the newly deposited funds and that there were efforts to examine other assets where black money could be hiding, such as real estate transactions and tax-haven countries.
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Modi's black money drive is expected to dominate the reopening of parliament for its winter session on Wednesday and he was due to attend an all-party meeting later in the day to discuss the matter.
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And the economy is still getting over the shock of Prime Minister Narendra Modi's decision in November to scrap 86 percent of cash in circulation in a bid to purge the economy of illicit "black money".
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Modi's administration has billed the "demonetization" drive a "surgical strike" on black money, which has sucked out 86 percent of cash in circulation and pushed Asia's third-largest economy to the brink of a liquidity crisis.
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That effort to sell cheaper, locally produced smartphones has taken on increased importance since November last year, when the government pulled more than 80 percent of banknotes from circulation in an effort to tackle black money.
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"Critics have presented this as overwhelming evidence that demonetisation failed in its stated aim of clamping down on illicit wealth, known colloquially as 'black money,'" Shilan Shah, India economist at Capital Economics, wrote in a Wednesday note.
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By the end of 2016, Indians with serious "black money" (including counterfeit versions of the old bills) had no choice except to either trash it or take it to a bank and explain how they earned it.
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"The government and its supporters can argue that even if demonetization failed to remove black money from circulation, that at least Modi and the government tried to do something about it," Riser-Kositsky told CNBC via email.
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The biggest thing Mr Gurumurthy is thought to have helped get done is demonetisation in 2016, when 86% of bank notes by value were abruptly withdrawn from circulation in an attempt to crack down on undeclared "black money".
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India demonetized 86 percent of its currency to curb black money and counterfeiting but that did not discourage this 24-year-old dude from trying his hand at spoofing the new Rs 2,23 currency bill to get high.
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"If they want to solve problem of black money, they have go to source of the problem, which is the government," Steve Hanke, professor of applied economics at the Johns Hopkins University, told CNBC's "The Rundown " on Monday.
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After talks in Geneva with Swiss President Johann Schneider-Ammann and round-table discussions with Swiss businessmen, Prime Minister Narendra Modi said the two countries had agreed to make combating tax evasion and "black money" a shared priority.
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India's robust growth slowed recently as a result of the government's unexpected move last year to ban 86 percent of the nation's currency in an effort to root out "black money," currency on which taxes haven't been paid.
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Politicians clashed over the move, and Parliament was adjourned amid raucous debates over the plan, which was intended to drain unaccounted cash, so-called black money, from the economy to cut down on rampant corruption and tax avoidance.
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To be effective, the move had to be a closely guarded secret until the last minute, to prevent those holding black money from unloading it before the ban went into effect — the morning after the decision was announced.
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Though the government's intention with the move — to curb black money and get all cash under the tax system — has been applauded by many, the way it has handled the situation so far has turned many lives upside down.
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The PAC has asked Patel to provide details on the value of currency that has been returned to the bank, the quantity of "black money" it has received and the amount of new currency released so far, Thomas said.
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He estimated that forcing people to exchange the country's largest currency bills for new banknotes would allow the government to crack down on "black money" — unaccounted-for cash holdings that haven't been taxed but, under the law, should be.
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"Money-laundering crime does major harm to our society, and the law contains strong possibilities for penalties if financial companies don't do enough to prevent black money from being laundered," general prosecutor Morten Niels Jakobsen said in a statement.
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The prospect of disruption is drawing comparisons with Modi's decision last November to scrap high-value bank notes that made up 86 percent of the cash in circulation, in a bid to purge illicit "black money" from the system.
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Indian banks were flushed with deposits after the government abolished high-value currency notes late last year in a push to unearth billions of dollars of so-called black money, forcing people to deposit their unused notes with banks.
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Mr. Modi is expected to propose additional changes to bolster his attack on "black money," or currency on which taxes had not been paid, which began when he announced a ban on the country's largest currency notes in November.
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Experts have been split on how successful the policy was in weeding out black money — with some data showing India may failed in that regard — and there have been questions about undesired consequences such as job losses and note shortages.
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The Indian Prime Minister Narendra Modi announced the radical step to demonetize the currency notes in order to tackle the rampant problem of the so-called "black money" - billions of dollars' worth of cash in unaccounted wealth and fake currency notes.
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"Who would have thought that in Europe of values and democracy those who do not vote according to instructions are jailed, and those who comply get a 2 million euro bonus in black money," he tweeted after the Macedonian parliament's vote.
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MUMBAI/BENGALURU (Reuters) - Mumbai resident Shashikant Zhalte's wedding this weekend will be less sparkling than his family had hoped, thanks to a cash shortage following Indian Prime Minister Narendra Modi's shock withdrawal of high-value notes to fight "black money".
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On it the New York Times published a story, "Glowing Auras and 'Black Money': The Pentagon's Mysterious U.F.O. Program," which featured a video snippet taken from a camera attached to a Navy F/A-18 Super Hornet of an unknown object.
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"In fact, most of the money that has been scrapped is back in deposits so that tells you there's not much black money out there or the players have found ingenious measures to get the money back in," she said.
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Australia's booming services sector, which accounts for about three-quarters of the country's A$1.7 trillion economic output, was more prone to black money activity, said Michael Andrew, chairman of the Board of Tax, which advises the government on tax policies.
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The goal, the government said, was to eliminate fake Indian currency notes, force people to bring out wealth they had hidden to avoid paying taxes on it — so-called black money — and help India switch from cash to digital money.
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Those plans involve depositing old bills in bank accounts, however, where they can be seen and analyzed, and, as millions of Indians scramble to convert savings using this method, some with piles of so-called "black money" are looking for loopholes.
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This is why Modi went after cash: The idea was to crack down on what he calls "black money," a term encompassing tax evasion and all forms of crime up to and including the use of counterfeit currency to fund terrorism.
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That suggests that either there wasn't as much black money out there as the government claimed or that tax cheats found a way to deposit their hoards of cash without attracting the government's attention, perhaps with the help of money launderers.
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The pressure on Mr. Modi is all the more intense because election finance is considered to be the main driver of "black money," undeclared cash income that the prime minister targeted in November by banning 86 percent of the nation's currency.
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The plan aims to ease the economic sting of Prime Minister Narendra Modi's demonetization campaign to wipe out "black money," and its affect on five coming regional elections may indicate whether Mr. Modi can win a second term in 2019.
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In November last year, Modi announced the radical step to demonetize the currency notes in order to tackle the rampant problem of the so-called black money – billions of dollars' worth of cash in unaccounted wealth and fake currency notes.
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While these changes have been added to further tackle the spread of black money and corruption in the country, people have complained that this adds another layer of bureaucracy to the existing inconvenient process of exchanging bank notes and depositing cash into accounts.
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Last week, the Indian Prime Minister Narendra Modi announced the radical step to demonetize the currency notes in order to tackle the rampant problem of the so-called "black money" - billions of dollars' worth of cash in unaccounted wealth and fake currency notes.
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NEW DELHI/MUMBAI (Reuters) - Indian banks called in thousands of police on Thursday to manage huge queues outside branches, as people tried to exchange bank notes abruptly pulled out of circulation by Prime Minister Narendra Modi in a crackdown on "black money".
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MUMBAI (Reuters) - India's central bank kept its policy rate on hold for a second meeting in a row, opting to wait for more clarity on the trend for inflation and on how a radical crackdown on "black money" would impact economic growth.
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Most of the track list focuses on Prime Minister Modi's controversial 2016 decision to devalue India's currency overnight, removing 500 and 1,000 note rupees from circulation in an effort to curb so-called "black money"—funds stemming from corruption, counterfeiting and terrorism financing.
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NEW DELHI/MUMBAI (Reuters) - Indian banks will use indelible ink to ensure that people only change old notes for new ones once under Prime Minister Narendra Modi's scheme to fight "black money", resorting to a tactic used to prevent multiple voting in elections.
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If the rule does fail, gold inflows will continue unabated in India, flying in the face of Prime Minister Narendra Modi's efforts to curb costly imports and stop the metal from being used to hide billions of dollars of undeclared "black money".
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The shock currency move cancelling 500- and 1,000-rupee ($14.6) notes from circulation overnight, announced by Prime Minister Narendra Modi last week, aims to bring billions of dollars worth of unaccounted wealth, or "black money", into the mainstream economy and check corruption.
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NEW DELHI, March 10 (Reuters) - India's upper house of parliament on Thursday passed a bill to regulate the real estate sector, protect home buyers and curb undeclared "black money" in property markets that costs the exchequer billions of dollars in lost taxable income.
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India's Finance Minister Arun Jaitley reportedly told a conference in New Delhi that illegal money had indeed found its way into the banking system, but said authorities are investigating 1.8 million bank accounts and 200 individuals to identify and tax that black money.
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Another is that even if demonetization can flush out the black money that is held in cash, with no improvement in catching and punishing tax evaders, people with ill-gotten gains will simply start saving in the new bills currently being issued.
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What I will say now is that what I would like to see is more black financiers, period, whether they be in the industry or not, because I think movies about black people that are funded with black money will hit harder.
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On November 8, the Indian Prime Minister Narendra Modi announced the radical step to demonetize the currency notes in order to tackle the rampant problem of the so-called "black money" - billions of dollars' worth of cash in unaccounted wealth and fake currency notes.
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MUMBAI, Feb 8 (Reuters) - India's central bank kept its repo rate on hold at 6.25 percent for a second straight policy meeting, opting to wait for more clarity on inflation trends and on how a radical crackdown on "black money" is impacting economic growth.
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NEW DELHI (Reuters) - India unveiled a budget on Wednesday to help the poor with hikes in government spending and cuts in taxes as Prime Minister Narendra Modi seeks to win back the sympathy of voters hit hard by his recent crackdown on "black money".
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The large-currency ban was originally presented as a move to curb corruption, counterfeiting and so-called black money, the unaccounted-for cash on which tax is not paid that is estimated to make up as much as one-third of business transactions in India.
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MUMBAI/BENGALURU, Nov 210 (Reuters) - Gold premiums in India jumped to two-year highs this week as jewellers ramped up purchases on fears that the government might put curbs on imports after withdrawing higher-denomination notes from circulation in its fight against black money.
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He and two other finance ministry officials said the government had overestimated how much black money was held in cash, rather than assets such as property or gold, and misunderstood the ways in which tax evaders would be able to game the system and legally deposit cash.
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India is the world's second biggest gold buyer, and it is estimated that one-third of its annual demand of up to 1,000 tonnes is paid for in black money - untaxed funds held in secret by citizens in cash that don't appear in any official accounts.
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In the major physical markets, some Indian gold traders are placing bulk short-term import orders on fears that Prime Minister Narendra Modi might soon add curbs on overseas purchases of the metal to his withdrawal of high-denomination banknotes in his fight against 'black money'.
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By rendering 500 and 1,000 rupees illegal in one stroke and imposing restrictions on how the money could be returned to lenders, Modi had been intending to make it difficult for hoarders of undeclared wealth, or black money, to exchange their undeclared cash for legal tender.
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The World Bank said the revision was due to disruptions caused by demonetization (aimed at rooting out black money) and the implementation of the goods and services tax (GST) although it said the economy would recover, predicting it would grow at 7.4 percent by 2019-20.
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For example, real estate sales are often split into two parts: a smaller portion, which is reported to the government, is paid by check, and a larger, undeclared sum is paid with stacks of cash, or "black money" as it is often referred to in India.
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Even as the poorest Indians have struggled, many have continued to voice support for the prime minister's initiative to target the vast amounts of untaxed money, known as "black money," flowing through the country's economy, in hopes that it will combat an endemic culture of corruption.
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While a mountain of bad loans has crimped bank lending to India's bigger companies, smaller firms have been hurt by a government move last November to stamp out "black money" - untaxed cash that oils many industries - and by GST, whose complex structure has baffled companies down the supply chain.
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While the aim was to crack down on black money and tax evasion -- which many experts said was misguided, given that most untaxed wealth is not believed to be stored in cash -- the move wreaked havoc in the cash-dependent economy and brought several sectors to a halt.
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NEW DELHI/BENGALURU (Reuters) - Some Indian gold traders are placing bulk, short-term import orders on fears that Prime Minister Narendra Modi might soon add curbs on overseas purchases of the metal to his withdrawal of high-denomination banknotes in his fight against 'black money', traders and jewelers said.
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One economist said that Modi, by fixating on black money in the form of physical cash, had failed to recognize how tax evasion and financial crime works - for example by under-invoicing to create illicit wealth, using informal hawala networks to move offshore or buying gold and real estate.
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The government of Prime Minister Narendra Modi sent out about 700,000 notices earlier this year to suspected evaders to coax them to declare hidden income and assets, known as "black money" in India, promising they would not be pursued by authorities if they came clean and paid a penalty.
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It suggests that there was not so much illicit wealth in the system in first place or, more likely, that Indians have found a way to turn black money into white by routing the cash through places like local temples and bank accounts set up for the poor.
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The ruling PML-N party is looking for cross-party support for the reforms, but Abbasi said radical changes would require an integrated approach, including building confidence among tax payers, reducing income taxes and making it less attractive to invest in a real estate sector that attracts black money.
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Some analysts in Delhi predict that once enough cash is printed to get the economy moving again, Mr Modi's government may simply insert cash into some bank accounts, such as those created under a government programme to bring banking to the poor, and declare this to be revenue from the black-money sweep.
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In the capital, especially among the professional English-language journalists and Cambodian law enforcement, it is more or less dogma that the economy of the Cambodian forests has now become so full of violence and black money that everyone who works there—from loggers to cops to park guards to journalists—has been corrupted.
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According to a 2010 World Bank estimate, the most reliable available, the shadow economy in India makes up one-fifth of the country's G.D.P. (A 2013 study by McKinsey, the consulting firm, puts the figure at more than one-quarter.) Black money tends to exacerbate inequality because the biggest evasions occur at the top of the income spectrum.
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As I watch the name of Cyprus being tossed around as a laundering place for Russian black money and as a secretive tax haven, and even though I understand the journalistic temptation to suggestively exploit the name of a small country that is defenseless against demonization, I am surprised to see that serious journalists do not notice the inconsistency of basing stories on information either provided by Cyprus authorities or otherwise obtained from Cypriot sources in order to argue a case for secretiveness and evasive behavior.
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