Tax havens have powerful backers; they include big nations including the UK and the US, reputed international bankers, accountants, law firms and many others which makes it difficult to discipline them

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In 2016, funds stashed by Indians in Swiss banks had fallen by 45 per cent to Rs 4,500 crore. The drop was the highest since the Swiss banks shed their secrecy clauses that shielded depositors in 1987. The latest data shows that the money parked directly with the banks is now pegged at Rs 6,891 crore and another Rs 112 crore through fiduciaries.

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While the near-term economic logic may seem weak, the plan on black money appears to be well thought out. Demonetisation is just one leg. What has generated the fear psychosis is a combination of many things executed over the past two years by the Narendra Modi Government.

At the stroke of eight on 8th November night, Prime Minister Narendra Modi announced that all 500 and 1000 rupee notes that are in circulation will seize to be legal tender by the midnight.

Here's why the new Black Money Act is bound to fail in bringing back the illicit cash stashed abroad.