Showing posts with label black money. Show all posts
Showing posts with label black money. Show all posts

15 November 2016

India struggles as millions throng banks to swap currency

Indians stand in queues at a bank to exchange or deposit discontinued currency notes in New Delhi, India, Tuesday, Nov. 15, 2016. Chaotic scenes played out across India with long lines growing even longer and scuffles breaking out, as millions of anxious people tried to change old currency notes that became worthless days earlier when the government demonetized high-value bills.
India's government said Tuesday it will use indelible ink to mark the fingers of people swapping scrapped currency notes at banks as authorities struggle to deal with the bedlam caused by the sudden demonetizing of the country's highest-denomination bills.
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9 November 2016

India scraps high currency notes overnight to fight graft

Indians crowd a gas station, one of the few places still accepting the high denomination 1000 and 500 currency notes, in New Delhi, India, Tuesday, Nov. 8, 2016. India's highest-denomination currency notes are being withdrawn immediately from circulation, the country's prime minister said Tuesday night, a surprise announcement designed to fight corruption and target people who have stashed away immense amounts of cash. As of midnight Tuesday, 500- and 1,000-rupee notes, worth about $7.50 and $15, will have no cash value, Prime Minister Narendra Modi said in a televised address.
India scrapped its highest-denomination currency notes overnight, delivering a blow to black-market money launderers but plunging hundreds of millions of common citizens holding cash savings into fear and uncertainty.
Within hours of Prime Minister Narendra Modi announcing the surprise move in a televised address, people thronged to ATMs, standing in long lines in hopes of grabbing bills that might still be in circulation on Wednesday.
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6 June 2016

India's Modi: cooperation with Swiss on tax-evasion fight

Indian Prime Minister Narendra Modi speaks during a round table with Swiss Economic representatives, in Geneva, Switzerland, Monday, June 6, 2016.
Indian Prime Minister Narendra Modi says his country and Switzerland have a "shared priority" in fighting tax evasion and the practice of squirreling away "black money" in Swiss banks.
Modi spoke Monday to reporters alongside Switzerland's president in a brief stop in Geneva as part of a five-country trip. Modi's next stop is Washington.
The Indian leader pointed to "the need for an early and expeditious exchange of information to bring to justice the tax offenders."
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