Modi's $1 Trillion Hunt Earns Only Enough to Buy India Ice Cream
- Law raises 20 rupees ($0.31) per India's 1.2 billion people
- Experts say legislation unlikely to have big impact on budget
Bloomberg Photo Service 'Best of the Week': A vendor sells ice-cream to customers on Marina Beach in Chennai, Tamil Nadu, India, on Sunday, July 20, 2014. Optimism about a revival in Asia’s third-largest economy is rising after the landslide election victory in May of Prime Minister Narendra Modi, who has pledged to accelerate investment in the nation’s highways, power plants, ports and housing.
Photographer: Sanjit Das/BloombergAfter saying India had enough illicit funds overseas to buy everyone a new car, Prime Minister Narendra Modi has so far only recovered enough to get them a scoop of ice cream.
India brought in about 25 billion rupees ($385 million) from a three-month window that ended last month before penalties increase on funds stashed abroad to avoid tax, known locally as black money. That amounts to 20 rupees for every Indian, still far short of the 2 million rupees per person that Modi said was possible while campaigning last year.