$94 billion in black money moved out of India in the year 2012 alone, while China tops the chart of illicit money outflows
Global Financial Integrity's (GFI) latest report on black money outflows from developing and emerging economies, for the year 2012, placed India at 3rd place in a list headed by China.
The report also said that between 2003 and 2012, the total black money outflow from India was a whopping $439 billion.
Over the 10 year period covered by GFI, India was placed an overall 4th in the rankings, however, its rank at 3rd place was for the year 2012. GFI said that black money or 'Illicit Financial Flows', which is the umbrella term for such money, had cost emerging economies a record $991.2 billion in 2012.
The report also stated that $6.6 trillion was lost by the developing world between 2003 and 2012. “As this report demonstrates, illicit financial flows are the most damaging economic problem plaguing the world’s developing and emerging economies,” GFI President Raymond Baker said.
He added that, “Most troubling, however, is the fact that these outflows are growing at an alarming rate of 9.4% per year—twice as fast as global GDP.”
In the year 2012, the BRICS countries were fully represented in the top 10 illicit money exporters. Over the 10-year period, South Africa slipped below the top ten, but the rest stayed firmly in the top 10.
Black money featured heavily in the Lok Sabha election this year, but next to nothing seems to have come in the way of stern action against such wealth. The GFI president expressed hope that a global concerted effort may help address the problem better and help drive the world towards the otherwise unachievable UN Development Goals.
After being stuck since 2005, the Centre and States seem to be inching towards a consensus to make GST a reality
The much awaited Goods and Services Tax (GST) may finally become a reality with the Finance Ministry reportedly aiming at tabling the GST law during this session of Parliament. In what is a major move ahead, the GST had long been stuck because of disagreements between the Centre and States on matters of revenue sharing and items to be brought under GST.
"The matter (GST) was discussed elaborately. The discussions are moving in a positive direction," Empowered Committee Chairman Abdul Rahim Rather said after the meeting of the Finance Ministry with the State Finance Ministers yesterday.
Reports suggested that the negotiations between the Centre and the States had finally hit a breakthrough on Monday. The Centre reportedly made two main concessions for the negotiations to have moved ahead, one was to keep petroleum products outside the ambit of the GST and the other being that the Centre would guarantee zero revenue loss to States after GST is implemented.
Once implemented, GST will include what is currently taxed under excise duty, service tax as well as state and local taxes.
The Finance Ministry is reported to be looking to table the law, which will need a constitutional amendment, in the current session of Parliament itself.
The HRD Ministry goofs up again to rake up needless controversy, this time in the matter of forcing Madan Mohan Malviya and Atal Bihari Vajpayee's birth anniversary during Christmas
In response to HRD Minister Smriti Irani's strong denial of any missive to CBSE schools to stay open on Christmas, the Times of India published a clarification in support of the original story. The internet and the public were confused as to who was being truthful. Here are the three documents that make the story an open and shut case.
To begin with there was a circular issued from the HRD Ministry, as reported by Ruhi
Tewari of Indian Express. The circular said that instead on 25 December, schools were to celebrate ‘good governance day'. This would include essay competitions and remembrance of Hindu Mahasabha founder Madan Mohan Malviya and Former PM Atal Bihari Vajpayee.
Based on these directions from the Ministry, the Navodaya Vidyalaya Samiti's Commissioner issued a circular for implementing the directions as below:
When Times of India published a story regarding the Navodaya circular, Irani took to Twitter to voice her denial as under
After Irani, the HRD Ministry issued a denial as below, but the matter did not rest there, with ToI putting up a defence of their previous story today.
In view of the chain of events, there is little left to the imagination as to what really transpired.