How the rich are building a defence against the black money law

Multi-level trust structures, change of residency among measures planned

With the September-end deadline to disclose unaccounted money fast approaching, India's top moneybags are planning multiple-level trust structures, change of residency, and even transferring assets to third parties abroad, to escape what they refer to as a draconian law. Tax lawyers say lack of immunity from prosecution is a big negative in the law, discouraging many to come clean on their unaccounted wealth. "Many are of the view that even after paying 60 per cent tax and penalty, if there is no immunity from prosecution, it is better to take the risk of the government finding ...