BTW here is my little take on the question of black money stashed abroad based on my what I know from friends in the private banking world.
No industrial sits on cash; it is always invested - & not in safe bonds abroad but in his own business where it yields the best return.
So they problem before an industrialists is how to minimize annual tax outflow; not to hide his assets which are hidden in plain sight.
ths is done by funneling $$ out thru ovr invoicing on imports, under invoicing on exports & gold platting on imported plant & machinery.
The pool of $$ so created abroad is then funneled back in2 India thru Mauritius in2 equity shares of the biz owned by the industrialist.
In effect all the black money that we talk about held abroad by industrialist Indians is already invested back in India in their biz!
But, they don't pay taxes on such investments because the round tripping makes them legally tax free.
About 70 to 80% of the so called stash of black money held abroad is accounted for by this phenomenon.
When the RIL case was unraveled 4 the 1st time in the 80s ths mechanism came 2 light. It still continues as the vehicle 4 tax evasion
None of this is hidden from the tax people or the Govt. They know it. They welcome it as the only practical alternative available.
That leaves 20 to 30% of the stash which is smuggled out by individuals like doctors, lawyers etc who hold cash abroad in numbered accounts.
That leaves 20 to 30% of the stash which is smuggled out by individuals like doctors, lawyers etc who hold cash abroad in numbered accounts.