About the Book: Black Money and Financial Fraud
The total amount of black money deposited in foreign banks by Indians is not
exactly known. According to Swiss Bankers Association and the Government of
Switzerland, total amount held in all Swiss banks by citizens of India is about
US $2 billion. Politicians and corrupt higher officials of government take
bribes from foreign companies and park/invest the money abroad in tax havens for
transferring to India when needed. Indian companies are reportedly misusing
public trusts for money laundering.
During the Budget Session 2016, Narendra Modi government announced a new black
money amnesty scheme-Dhan Wapsi from June 1, 2016 for