It’s Raining Black! Chronicles of Black Money, Tax Havens & Policy Response

It’s Raining Black! Chronicles of Black Money, Tax Havens & Policy Response is a unique combination of legal and policy level developments. The book is spread over eight chapters dividing the analysis into two broad aspects, first, the domestic perspective and secondly, the international arena. The underlying theme of the book is that unless domestic generation of black money is curbed, our gallant efforts to retrieve wealth from tax havens would not meet with much success. The book attempts to provide an effective approach for the Government to combat the multiple aspects of black money in a comprehensive manner. This work is more than a legal treatise as it not only deals with the legal complexities of DTAAs and domestic legislation, but also makes an objective assessment of facts and events which have influenced the campaign against black money in the past few years. The book reveals how the relationship between corruption and black money has been institutionalized by vested interests of key stake-holders and beneficiaries. The book also highlights the need for judicial intervention in combating the issue of black money. In the backdrop of several ground realities, the book presents the much talked about The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015 in a different dimension and raises pertinent questions for serious contemplation by the Government. Testimonials “Shailendra Kumar has analysed and dissected the big picture of Black Money in Indian as well as global context with the precision of a surgeon. The Government will do well to examine and implement his sincere suggestions for remedial action.” Sumit Dutt Majumder Former Chairman, Central Board of Excise & Customs, Ministry of Finance, Government of India “…well researched and has comprehensively covered all the important issues relating to the evil of black money.” Arvind P Datar Senior Advocate, Madras High Court “…gives a comprehensive and panoramic view of the various myriad manifestations of the challenge of black money in India and its global connections…The book should be as important…for economic policy makers as for students of the subject and those occupied with keeping trail of the chicanery of big business and politicians.” S S Khan Former Member, Central Board of Direct Taxes, Ministry of Finance, Government of India “…the superb analysis provided in the book makes it a must read for anyone wanting to understand the issues in depth.” S Thirumalai Advocate and Past President FAPCCI, Hyderabad “…an incisive account of the war waged in recent years by the G-20 countries as well as India against black money…looks at the origin of black money in its various manifestations and its movement in and out of the national boundaries through under and over invoicing, multi-layered transactions between shell companies in various tax havens and other innovative methods.” Dinesh Verma Director General (International Taxation), Central Board of Direct Taxes, Ministry of Finance, Government of India