17032015Tue

Last updateTue, 17 Mar 2015 2pm

#ArticleOfFaith: Modi vows to bring back Black Money

Prime Minister Narendra Modi on Sunday declared he was committed to bring back so-called 'Black Money', funds illegally deposited in banks outside the country to avoid tax.

In his second radio address to the nation since coming to power in May, Modi said the money stashed abroad illegally belonged to the poor of the country.

"The issue is an article of faith for me," Modi said in his speech that was aired live by various public and private radio channels.

Illegal deposits abroad cost India billions of dollars in lost revenue and Modi had earlier promised his government would change laws or enact new measures to bring back such funds.

On taking office, he appointed a panel to investigate the matter.

Modi said he did not know how much black money was deposited in banks overseas, but Washington-based think-tank Global Financial Integrity has estimated that India suffered $344 billion in illicit fund outflows between 2002 and 2011.

The government has already submitted a list of people with illegal foreign bank accounts to the Supreme Court, which is monitoring the case.

"From what I am understanding and based on the information I have, I am telling you that we are in the right direction," he said in his address, which lasted for about 20 minutes.

Modi said he would take up the case of drug addiction in his next address.

BLOG COMMENTS POWERED BY DISQUS

 

Related Articles

Photo Gallery- Featured

  • latest Post

  • Most Read

Addmotor Electric Bike| Electric bike shop / electric bicycle shop Electric bike review| Electric trike| Fat tire electric bike| Best electric bike| Electric bicycle/E bike| Electric bikes for sale| Folding electric bike| Electric mountain bike| Electric tricycle Mid drive electric bike| Juiced Bikes Pedego Rad-Power

Tomtop| Online shop| Online Einkaufen

地產代理/物業投資| 租辦公室/租寫字樓| 地產新聞| 甲級寫字樓/頂手| Grade A Office| Commercial Building / Office building| Hong Kong Office Rental| Rent Office| Office for lease / office leasing| Office for sale| Office relocation

DecorCollection European design furniture| sofa hk| sofas| beds| coffee tables| dining tables| dining chairs| sideboards| furniture hk| Cattelan Italia| Koinor

International schools hong kong| Wycombe Abbey| private school hong kong| English primary school Hong Kong| primary education| boarding school Hong Kong| Wycombe Abbey School

邮件营销| 電郵推廣| 邮件群发软件| Email Marketing| 搜尋引擎優化 SEO

QR code scanner| inventory management system| labelling| Kiosk| warehouse management|