Earlier this year, India’s Parliament passed a new bill aimed at unearthing “black money,” unreported and often illicit funds stored abroad as a means of tax avoidance. This move, spearheaded by Finance Minister Arun Jaitley, could not come at a better time, both from a political position for Prime Minister Narendra Modi as well as in terms of taking advantage of global action targeting tax havens used to stash ill-gotten gains around the world. While doubts exist as to the ability of India to fully enforce the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, it is certainly a step in the right direction. Continue reading →