2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which country has recently agreed to help India in combating the menace of black money and tax evasion
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Japan
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Mexico
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Switzerland
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Dubai
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Explanation:
Detailed explanation-1: -88 lakh crore as on October 21, 2022, from Rs17. 7 lakh crore on November 4, 2016.
Detailed explanation-2: -The portion of a country’s income tied to black money affects the economic growth of the country. Black money causes financial leakage, as unreported income that is not taxed causes the government to lose revenue. In addition, these funds rarely enter the banking system.
Detailed explanation-3: -The Central Goods and Services Tax Act, 2017. The Benami Transactions (Prohibition) Amendment Act, 2016. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Prevention of Money Laundering Act, 2002.
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