Battle against black money has a new theme: Sharing of tax-evasion data

June 24th, 2009

Economic Times

A week after the new government took oath, a senior official of a large Wall Street bank, which survived the meltdown, made a call to a few bankers in India. She had a specific question: were local markets expecting money to flow back from Swiss banks and tax havens? It could well have been an academic question by a treasury economist preparing an internal note. Indeed, bringing back money parked by rich Indians in secret offshore bank accounts was a promise in the BJP manifesto that few voters chose to buy. The issue, arcane to many, was supposed to fizzle out on completion of the polls. But it didn’t . The story found a life of its own and seems to have survived under the new government.

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