India targets tax evaders who hide ‘black money’ at home and abroad

July, 2015 view from the Marina Bay Sands hotel in Singapore where wealth managers are under scrutiny as Asian countries including Indonesia and India look to chase undeclared money in the low-tax city-state. (Edgar Su/Reuters)

By Rama Lakshmi -September 13
NEW DELHI — Among the pledges that propelled Indian Prime Minister Narendra Modi to power a year ago was one to bring home millions of dollars of illicit money the super rich had stashed abroad.

Trying to make good on his promise, his government has introduced a string of tough new measures in recent months designed to crack down on so-called black money, and fueling panic among India’s elite and growing numbers of millionaires.

India Targets Tax Evaders Who Hide ‘Black Money’ at Home and Abroad by Thavam Ratna