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A cashless financial system is the specified state in lots of countries world wide. The Black Cash Act imposes a tax at the fee of 30% and penalty of up to ninety% on an assessee's total undisclosed international revenue and belongings of the earlier yr. A person endeavor cross-border activities or maintaining connections in two or more international locations is more likely to encounter the tax legal guidelines of one other country.
The federal government of Switzerland goes to inform India of those accounts below a prior agreement. Now examine the influence if black cash is wholly eradicated and the entire economic activity is carried out in white. A current report claims money parked by Indians in Swiss banks rose over 50% to Rs 7,000 crore in 2017, reversing a 3-12 months downward pattern amid India's clampdown on suspected black cash stashed there.
Repatriation of Black Money stashed abroad requires coordination and cooperation of the other nation and to achieve this end, the Government has been sternly working to evolve an setting and create legal mechanisms by international consensus and particular bilateral treaties.