14 Estimates of Black Money in India by various organizations.12.15 Withdrawal of currency notes of higher denomination.12.10 Excessive demonetised currency notes.12.7 Creating effective credible deterrence.12.6 Reforms in vulnerable sectors of the economy.12.3 Reducing disincentives against voluntary compliance.12 Proposals to prevent Indian black money.11 Demonetisation of 5 rupee currency notes.10.2 Tax Information Exchange Agreements.10 Public protests and government's response.2 The use of Swiss banks for storing black money.In March 2018, it was revealed that the amount of Indian black money currently present in Swiss and other offshore banks is estimated to be в‚№300 lakh crores or US$1.5 trillion. In March 2012, the government of India clarified in its parliament that the CBI director's statement on $500 billion of illegal money was an estimate based on a statement made to India's Supreme Court in July 2011.

In February 2012, the director of India's Central Bureau of Investigation said that Indians have US$500 billion of illegal funds in foreign tax havens, more than any other country. Other reports, including those reported by the Swiss Bankers Association and the Government of Switzerland, claim these reports are false and fabricated, and the total amount held in all Swiss bank accounts by citizens of India is about US$2 billion. Some reports claim a total of US $1.06 вЂ“ $1.4В trillions is held illegally in Switzerland. The total amount of black money deposited in foreign banks by Indians is unknown. Around 22,000 crores of rupees are supposed to have been accumulated by the criminals for vested interests, though writ petitions in the supreme court estimate this to be even larger, at в‚№300 lakh crores.

The black money is accumulated by the criminals, smugglers, hoarders, tax-evaders and other anti-social elements of society. Also, the unaccounted money that is concealed from the tax administrator is called black money. In India, black money is funds earned on the black market, on which income and other taxes have not been paid.

Based upon the criteria of land holding, households, cultivable cropping area, net sown area and irrigation, the research paper endows to examine the role of agriculture sector in the economic development of Himachal Pradesh.Map of tax havens, using the 2007 proposed ' Stop Tax Haven Abuse Act' Agriculture sector is contributing nearly 16 percent to the Gross State Domestic Product of Himachal Pradesh. Further, Net Area sown is 11.9 percent of the total cultivable area in the State as compared to 45.8 percent that of the Country.

At present, land available for cultivation out of the total land holdings in Himachal Pradesh is 75.3 percent of the total area and 85.9 percent of total area in India. It is pertinent to understand that the land available for cultivation is abundant and in a country like India where large majority of the population belongs to middle and low economic class and youth is in search of job avenues, if youth is skillfully involved to initiate and go for adopting innovative agricultural activities, employability can be enhanced. Agriculture sector in India is of such relevance that it is contributing employment to more than 50 percent of the work force and 17 to 18 percent of the NationвЂ™s Gross Domestic Product.

Black economy india arun kumar pdf