India has set up a special task force to find illicit money, in one of the first decisions taken by the government of new Prime Minister Narendra Modi. The special investigation team (SIT) would seize black money - cash that has not been declared or taxed and is mostly deposited in foreign banks. The decision was taken at the first cabinet meeting of the new government. According to some estimates, some $500bn (£297bn) is deposited in overseas tax havens. bbc/news/world-asia-india-27599566?OCID=fbbbcindia
Posted on: Wed, 28 May 2014 13:00:00 +0000
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