A STUDY ON BANKS’ ROLE IN AVERTING TAX EVASION IN INDIA

Authors

Dr. Reshmi A. Rajan (Associate Professor)
SCMS School of Technology and Management, Prathap Nagar, Muttom, Cochin – 683106

Dr. A. Nagalaxmi (Associate Professor & Head In-Charge)
Suguna College of Arts and Science, Coimbatore – 641014

Abstract

This paper aims to study the role of banks in averting tax evasion in India. This will be done by focusing on how money laundering activities are tied to the intent of tax evasion. So for this reason, other research papers will be analyzed for further insight into the concept and workings of money laundering.In the process of converting illegal income into clean cash, culprits use banks in their integration to convert the income to a legal source.Therefore the role of a banker is key in detecting such transactions that are being perpetuated. The paper concentrates on how money laundering robs the country of much-needed revenue from evading taxes and how the pervasiveness of the problem affects the country’s overall growth and development.