Who is pumping in money from Singapore, Mauritius into India?
The Indian government's white paper on black money has raised eyebrows as a good number of FDI flows have come in from Mauritius and Singapore. The government has raised concern since it thinks that these two markets are too small for such enormous inflows.
The White Paper that was tabled in Parliament by Finance Minister Pranab Mukherjee read: “Mauritius and Singapore with their small economies, cannot be the sources of such huge investments. It is apparent that the investments are routed through these jurisdictions for avoidance of taxes and/or for concealing the identities from the revenue authorities of the ultimate investors, many of whom could actually be Indian residents, who have invested in their own companies, though a process known as round tripping."
Moreover, ensuring a stronger foothold on the matter, Mauritius' finance ministry has agreed to cooperate with India on the money laundering issue.
Meanwhile, a Kotak report shows that black money accounts for 20% of India's GDP. The report says that even if 30% of the black money is taxed, it can yield 6% GDP in tax revenues.
The Kotak report also states that participatory notes (PN) and global depository receipts (GDR) are probable tools to pump black money. Moreover, it adds that b lack money is often re-routed via inflated exports. According to report's statistics around Rs 93 billion has been detected as concealed income in FY12, whereas Rs 445 billion has been detected as mispricing in transfer pricing in FY12.
FDI inflow into India :
Source: Your Money Site
- [08/06/12] Blog: All in their Mind
- [07/07/12] Agalega : le GM dément Times of India
- [13/02/12] Mauritius will find solution on tax evasion: Cader Sayed Hossen
- [24/05/11] India: Mauritius ready to reveal bank account details under existing treaty
- [19/04/11] India for review of tax treaty with Mauritius
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