Just how much black money is there in India?
Estimates vary from 10 per cent to 20 per cent of our GDP. Conservatively, Rs. 15 lakh crores (10 per cent of Rs. 150 lakh crores, our GDP in 2016-17). As for Indian money in tax havens around the world? Around Rs. 65 lakh crores. Truly astounding figures.
Black money or kala dhan is a topic that has elicited much debate in recent times. The debate has been mostly marked by mudslinging and name-calling and the discussions that have ensued often have no basis in fact. While most people have a hazy notion of black money, only a few understand it in its entirety.
The issue of tax havens is perhaps even more misunderstood. Most people fail to see the connection between tax havens and black money.
Black Money and Tax Havens is the first work that discusses both issues in depth and offers a 360-degree view to the reader, in this work, Prof. R. Vaidyanathan provides the reader with a brief overview of black money-its generation, its estimates and how and why it is spirited away to tax havens. He also lays bare the danger that is posed to world financial wellbeing on account of the lack of political will to tackle them. A unique and timely work that packs in much information in an accessible manner
Prof. R. Vaidyanathan is a retired Professor of Finance from Indian Institute of Management, Bangalore. Currently he is Cho Ramaswamy Chair Professor in Public Policy at Sastra University, Tanjore, Tamil Nadu and Emeritus Adjunct Professor at Rashtriya Raksha University (RU), an institution of national importance located in Ahmedabad.
The official release for the book is in OCTOBER 2023.