War on black money is a hoax – Paranjoy Guha Thakurta

Bharata Bharati

Narendra Modi

Paranjoy Guha Thakurta“Narendra Modi and leading politicians from the Bharatiya Janata Party had claimed that if they were elected, they would bring back enough black money to distribute a sum of Rs 15 lakh to each and every poor Indian family. Some of Mr Modi’s supporters, like Baba Ramdev, even claimed that the money would be brought back within 100 days of the new government coming to power.” – Paranjoy Guha Thakurta

Indian RupeesThe Narendra Modi government’s new scheme to unearth black money kept by Indians outside the country has yielded just about Rs 4,147 crore from 638 declarations. On average, this figure works out to a relatively small amount of Rs 6 crore per declaration—either about holding assets abroad illegally or earning income outside the country which has not been disclosed. Nearly two-thirds of this money, or Rs 2,488 will come to the exchequer by way of taxes. This measly sum is a…

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