In the modern economic system, Black Money refers to funds earned in the black market, on which income and other taxes have not been paid. The total amount of black money deposited in foreign banks by Indians is unknown, but one estimate by an expert reveals that the black money held by Indians, in foreign banks is more than all the black money, hoarded by people in the rest of the world, combined together. While official numbers are not available, Swiss banking personnel have also said that the largest depositors of illegal foreign money in Switzerland are Indians.
Black Money is an economic term, hard to define, accurately. Black Money is also sometimes used for payments to evade tax. However, this is a mild form of black money. This money in fact is obtained, illegally and is partially suppressed. A popular way for criminals to launder black money in property is to set up complex structures. In this way, they try to see that the money flows out.
This book on this subject should certainly prove to be an asset for all scholars, researchers and social activists
Table of Contents
Preface....................................... ix
Introduction............................... 1
Definition of Black Money • Birth of Black Money • Burning Topic • Use of Black Money • Controlling Black Money • Roots and Causes of Black Money • Black Money Scenario • Another Definition • Mid-form of Black Money • Art of Spending • Repentance Scheme • Black Money in Swiss Banks • The Modus Operandi • Mauritius Route • Non-sufficient Funds • Implementation
Black Money in India..................... 33
An Overview • Sources of Black Money • Parallel Economy • Political and Administrative Corruption • Indian Politics and Black Money • Remedy to Corruption • Failed Policies • Current Scene • Baba Ramdev and his Individual “Satyagraha” • Industries and Black Money • Poverty, Industrial Scam and Corruption • Illicit Means Adopted • Tax Information Exchange Agreement • Economics of Corruption • Remittance Services • Cybercrime • White-collar Crimes • Terrorist Financing • Human Trafficking • Court Cases
Impact of Black Money on Indian Economy 71
Effects and Aftereffects • Other Effects • Various Causes of Black Money • Effects of Black Income • Impact on Common Man • Inflation • Speculative Investments • Major Tax Havens • State of Indian Economy
Indian Government’s Actions against Black Money................................ 81
Law against Black Money • Income Tax Department’s Role • Various Measures Undertaken Money Laundering........................ 95
Disguising Illegal Sources • General Aspects • Methods • Enforcement • Laws by Region • Locations • Castle Bank and Trust • FIMACO • Fraud Enforcement and Recovery Act • Legislative History • Money Laundering Control Act • Money Mule • Nugan Hand Bank • Founding • Parcel Mule Scam • Russian Mafia
Unlawful Transactions................. 129
Cheque Fraud • Types of Cheque Fraud • Bad Cheque Writing • Cheque Kiting • Bad Cheque Restitution Programme • Methods • Circular Kiting • ChexSystems • Services • Overdraft • Shared Cheque Authorisation Network
Black Marketing........................... 155
Background • Transportation Providers • Modern Examples
Insider Trading............................ 169
Definition of Insider • Legal Insider Trading • Illegal Insider Trading • Liability for Insider Trading • Tracking Insider Trades • Common Law
Menace of Corruption................... 181
Etymology • Areas of Corruption • Corrupt Activities • Bid Rigging • Bribery • Cartel • Collusion • Cronyism
Corruption in India....................... 207
An Overview • The Background • Politics • Bureaucracy • Land and Property • Income Tax Department • Judiciary • Armed Forces • Medicine • Religious Institutions • Education • Protectors against Corruption • Socioeconomic Issues • Economic Issues • Violence
Organized Crimes......................... 223
The Background • Theoretical Background • Critical Criminology and Sociology • Models of Organised Crime • Individual Difference • Violence
The Scams.................................... 249
Lottery Scam • Charity Scams • Fraud Recovery Scams • Pet-Scams • Rental Scams • Attorney Collection Scams
Controlling Financial Crimes......... 255
Various Organisations • Directorate General of Economic Enforcement • Directorate of Revenue Intelligence • Economic Intelligence Council • Various Members • Financial Crimes Enforcement Network • Hawala • Financial Transaction Centre • Guardia di Finanza • Different Roles • Anti-drug Operations • Chiasso Financial Smuggling Case • Unit Awards • Special Departments • Mobile Phone Financial Services • Market Abuse • Market Manipulation • Servicio de Vigilancia Aduanera • Department of Customs and Special Taxes • Territorial Services • Armament and Equipment • Slush Fund • the United States Secret Service • Uniformed Division • United Nations Convention against Corruption
Anti-corruption movement in India. 299
Background • India against Corruption Movement • August Protests • Vote Bank against Corruption • Political Support • Jan Lokpal Bill • Use of Cyberspace • Government’s Response • Political Response to Jantar Mantar Protests • Ramlila Ground Protests • Police Action against Demonstration • Aftermath of the Protests • Civil Society Response • Suo Moto Cognisance by the Supreme Court • Protest Timeline
Laws in Various Countries............. 327
International Laws • Indian Laws against Corruption • The Acts • The Amended Act • Patronage • Ecclesiastical • Price-Fixing • Criticism on Legislation
Bibliography................................ 345
Index.......................................... 363
