In 2014-2015 the I-T department put up 669 cases for prosecution. The charges stuck in only 34 cases: Just 5%. It was no exceptional year -- the story broadly follows the script every year.
An expected withdrawal of FIIs from the market likely to weaken the rupee against the dollar.
Eco affairs secretary says double counting possible; cash availability to improve in three weeks.
Watal panel had suggested an independent payments regulator be set up.
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
Cash withdrawal limits likely to continue
'Investigation directorates have intensified actions in detecting serious irregularities.' 'They are seriously handicapped because of non-availability of manpower.'
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
The FRBM report, to be submitted on Tuesday, is likely to have 'excuse clauses', absolving the government of meeting its fiscal commitments under certain conditions such as war or conflict, global economic meltdowns or natural disasters.
The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
Consensus seems a problem before the current session of Parliament ends.
It was found the declarants were persons of suspicious nature and very small means, and the declarations could have been misused.
Measures may include tax slab and rate revisions for individuals, companies.
A year's print run has been shortened to 5 months.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Growth in the third quarter (October-December) is expected to be the weakest in years, with spending hit due to unavailability of enough replacement currency.
Limited IT staff may compel them to focus on big fish than small depositors.
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