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Description
Just how much black money is there in India?
Estimates vary from 10 per cent to 20 per cent of our GDP. Conservatively, Rs 15 lakh crore (10 per cent of Rs 150 lakh crore, our GDP in 2016-17).
As for Indian money in tax havens around the world? Around Rs 65 lakh crore. Truly astounding figures.
Black money or kala dhan is a topic that has elicited much debate in recent times. This has been mostly marked by mudslinging and name-calling, and the discussions that have ensued often have no basis in fact. While most people have a hazy notion of black money, only a few understand it in its entirety.
The issue of tax havens is perhaps even more misunderstood. Most people fail to see the connection between tax havens and black money. Black Money and Tax Havens is the first work that discusses both of these issues in depth and offers a 360-degree view to the reader.
In this work, R. Vaidyanathan provides the reader with a brief overview of black money-its generation, its estimates and how and why it is spirited away to tax havens. He also lays bare the danger that is posed to world financial well-being on account of the lack of political will to tackle these issues. A unique and timely work, this book packs in much information in an accessible manner.
About the Author
R. Vaidyanathan is a retired professor of finance from the Indian Institute of Management Bangalore.
A graduate of Loyola College, Chennai, and with a master's from the Indian Statistical Institute, Kolkata, he obtained his doctorate from the Indian Institute of Management Calcutta where he also taught for four years.
Prof. Vaidyanathan is a two-time Fulbright scholar and also a fellow of the Indian Council of Social Science Research (ICSSR). He was visiting faculty at various universities in the US and UK. In the past, he has been selected by Business Today as one of the ten best professors at all IIMs. He has had the rare privilege of being in the various committees of regulators such as SEBI, RBI, IRDA and PFRDA. He is a consultant to many organizations and is on the board of many corporates. He is a fellow of Salzburg Seminar.
Prof. Vaidyanathan was conferred the Lifetime Contribution Award by the Asia Pacific Risk and Insurance Association (APRIA) and Kybo Life in 2019. His 2013 book, India Uninc: Role of Non-corporate sectors in India, which focuses on Indian and Asian value systems, was well received by planners and policymakers. His 2019 book, Caste as Social Capital, has been acclaimed by experts.
