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 Indian black money in swiss bank pdf is unknown.
06 trillion is held illegally in Switzerland. 500 billion of illegal funds in foreign tax havens, more than any other country. 500 billion of illegal money was an estimate based on a statement made to India’s Supreme Court in July 2011. 1000 would cease to be legal tender from midnight.
He said this decision was taken to crackdown on black money and corruption which is destroying the country. He also said that the process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. The number of I-T returns filed for 2016-17 grew by 25 per cent to 2. 1-year period, as increased number of individuals filed their tax returns post demonetization.