Question

What are the Laws and steps taken by India Government against Black money?

Answer 1

a) Some Legislative Framework in India against Black Money:

1. Prevention of money laundering act 2002.
2. Lokpal and Lokayukta act.
3. Prevention of corruption act- 1988.
4. The undisclosed foreign Income and Asset Bill(Imposition of Tax) 2015.
5. Benami transactions prohibition act 1988 was amended in 2016.
6. The Real Estate (Regulation and Development) Act, 2016.

b) Recent steps against Black Money:

1. Under pressure from India and other countries, Switzerland has made key changes in its local laws governing assist foreign allegedly stashed in Swiss Banks.
2. Special Investigation Team appointed by the government on the directions of Supreme Court on black money.
3. Demonetization