GSL OPENING SPEECH

Good Morning Honourable chair and Fellow Ministers. the problems of black money generation, tax evasion and money laundering have all been glooming on India's economy since decades.
The amount of money generated through corruption and non-reporting of profits and inflation of expense is termed as black money in India. Due lack of transparency and simplicity citizens of India refrain from paying taxes. According to the GFI the illicit money outflow of India has been about 440 billion USD in the years 2003-2012.
After analysing such numbers it is a matter of utter importance to the Indian Government to retrieve Black money to generate the capital which in term helps India progress.
Stashing of black money abroad then encourages people to engage in illicit trade and siphoning of public resources. Thus due to lack of capital the government is forced to concentrate development in urban areas. rural areas again further remain undeveloped. When a large amount of black money is generated the people owning it engage in drug trade to gain loads of money and finance terrorism to physically overpower the authorities through terrorism.
The Ministry of The Overseas Affairs can help its best by trying to sign more agreements such as Tax Information Exchange Agreements with more and more countries. India has already signed this agreement with 13 countries such as the Bermuda, The British Virgin Islands and the Cayman Islands to name a few. Through these agreements the Government of India has been trying to intercept the flow of Indian black money through these countries through fake banks which exist only on paper. Signing more such agreements will allow India join the global crusade against black money and will help the government intercept more black money and prevent illicit trade and terrorism financing in India.