BLACK MONEY IN INDIA

Black money refers to funds earned on the black market, on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown, but one estimate by R Vaidyanathan, a Professor of Finance, estimated the total at over 7,280,000 Crores (US$1.4 trillion) A 'black market' is a market in goods or services which operates outside the formal one(s) supported by established state power. Typically the totality of such activity is referred to with the definite article as a complement to the official economies, by market for such goods and services, e.g. "the black market in bush meat" or the state jurisdiction "the black market in China". Although markets in the regular economy are not given a "white" attribute, markets that have borderline status are called "grey". Worldwide, the underground economy is estimated to provide 1.8 billion jobs While official numbers are not available, Swiss banking officials have said that the largest depositors of illegal foreign money in Switzerland are Indian. In August 2010, the government revised the Double Taxation Avoidance Agreement to provide means for investigations of black money in Swiss banks. This revision, expected to become active by January 2012, will allow the government to make inquiries of Swiss banks in cases where they have specific information about possible black money being stored in Switzerland. Even as the government is facing flak from various quarters for its inability to check corruption and as social activist Anna Hazare is on fast to ensure enactment of an effective Lok Pal Bill, India will have to wait till year-end to get information on illicit funds stashed away in banks in Switzerland.

Political, bureaucratic, corporate and individual corruption in India is major concerns. A 2005 study conducted by Transparency International in India found that more than 55% of Indians had firsthand experience of paying bribes or influence peddling to get jobs done in public offices successfully. Transparency International estimates that truckers pay US$5 billion in bribes annually. In 2010 India was ranked 87th out of 178 countries in Transparency International's Corruption Perceptions Index. India tops the list for black money in the entire world with almost US$1456 billion in Swiss banks (approximately USD 1.4yu trillion) in the form of black money.[ According to the data provided by the Swiss Banking Association Report (2006), India has more black money than the rest of the world combined. Indian-owned Swiss bank account assets are worth 13 times the countrys national debt. The recent scams involving unimaginably big amounts of money, such as the 2G spectrum scam, are well known. It is estimated that more than trillion dollars are stashed away in foreign havens, while 80% of Indians earn less than 2$ per day and every second child is malnourished. It seems as if only the honest people are poor in India and want to get rid of their poverty by education, emigration to cities, and immigration, whereas all the corrupt ones, are getting rich through scams and crime. It seems as if India is a rich country filled with poor people" the organisers of Dandi March II in the United States said.

2011 Indian anti-corruption movement

2011 Indian anti-corruption movement

Protesters take part in protests in Delhi

The 2011 Indian anti-corruption movement is a series of ongoing demonstrations and protests across India intended to establish strong legislation and enforcement against endemic political corruption.] The movement has gained momentum since April 5, 2011, when anticorruption activist Anna Hazare began his now-famous hunger strike at Jantar Mantar in New Delhi. The chief aim of the movement is to alleviate corruption in the Indian government through a piece of legislation called the Jan Lokpal Bill. Another important aim, led by protests under Swami Ramdev, is the repatriation of black money from Swiss and other foreign banks.

The movement is primarily one of non-violent civil resistance, featuring demonstrations, marches, acts of civil disobedience, hunger strikes, marches and rallies, as well as the use of social media to organize, communicate, and raise awareness. The protests are unusual as they have no political affiliation; most protesters have been hostile to attempts by political parties to use them to strengthen their own personal political agendas. The recent scams involving unimaginably big amounts of money, such as the 2G spectrum scam, are well known. It is estimated that more than trillion dollars are stashed away in foreign havens, while 80% of Indians earn less than 2$ per day and every second child is malnourished. It seems as if only the honest people are poor in India and want to get rid of their poverty by education, emigration to cities, and immigration, whereas all the corrupt ones, li] are getting rich through scams and crime. It seems as if India is a rich country filled with poor people"