$181 billion Indian black money stashed in tax havens: Report

Days after News Nation’s big expose on Black Money scam in the agriculture sector, a new report on Indians stashing their black money in tax haven and assets abroad illegally is startling. As per a report in leading English daily, senior economists from the Bank of Italy have come up with an estimate on black money. The report states that Indians have stowed between $152-181 billion  in black money overseas.

It however mentions that the calculation indicates only cash deposits since  it is “impossible to get a handle on other wealth invested in physical assets like real estate, gold or art”, the report further said.

READ ALSO: News Nation exposure on blackmoney: 'Kharabpati farmers' taking agriculture route to evade tax officials

Few days ago, News Nation had brought the factual picture of the scam in play in the agriculture sector. In an explosive revelation, the channel got hold of an RTI reply which throws light on the dark world of corruption and fraud in agriculture sector.

Farming is a bright concept in India usually deriving lesser returns due to poor infrastructure and seasonal issues but in 2011-12 some people earned Rs 2 thousand lakh crore (approx) which was much more than the annual GDP of the entire country.

BSP supremo Mayawati had also raised in Parliament the issue of black money scam exposed by News Nation. Praising the channel, Mayawati said that the scam in agriculture sector must be probed; she also insisted that tax fraud is a big problem in the country and that such issues must be addressed by the Narendra Modi government.

READ ALSO: News Nation exclusive interview with Sharad Yadav: 'Black money expose of Rs 2000 lakh crore must be probed'

The scam raised heated debates in Parliament after JDU Chief Sharad Yadav said that Rs 2 thousand lakh crore money was earned as disclosed by News Nation.

(With PTI inputs)