As the government submitted a list of 627 foreign account holders to the Supreme Court on Wednesday, the spotlight is on family of former Maharashtra chief minister, former minister in the UPA government, a Mumbai-based corporate among others. Vrishti Beniwal reports
Chairman of Manipal Global Education Services says that the government often forgets that its prime duty is to serve the people and not some sick public sector units.
The last government on March 21, 2011 commissioned the study on estimation of unaccounted income or wealth both inside and outside the country.
Income Tax dept will launch over 100 fresh prosecution complaints.
In the previous Budget, the government had come out with a similar scheme.
The fair market value of an immovable property will be higher from the acquisition cost.
The government on Tuesday said it cannot disclose the identity of persons involved in black money cases before initiating prosecution proceedings.
Incensed by the remark, the Congress President was heard saying, "Kya bola (what did he say)?" While protesting, she addressed Speaker Sumitra Mahajan and said, "What is this?"
In touch with the Swiss government under the DTAA mandate
Finance minister Arun Jaitley had recently sent a delegation to Switzerland and the members had returned with some positive movement.
Noting that he fully respects the Supreme Court order on electoral bonds, Union Home Minister Amit Shah on Friday said the scheme was introduced to end black money in politics and added that it should have been improved rather than scrapped.
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
Narendra Modi on Wednesday said he was committed to bring back black money stashed abroad and assured people that if BJP is voted to power, he would set up a task force, amend laws and distribute the money brought in as "gift" among honest tax-payers.
In a major development in the fight against black money, multilateral grouping OECD today unveiled a 'single global standard' for automatic exchange of financial account information by various countries including India and Switzerland.
India and Singapore had in 2013 amended the DTAA to help exchange banking and tax-related information more effectively.
Pending last minute disturbances or any other untoward development, the government and opposition have reached a compromise by which Parliament will function on Thursday.
Reports had it that the Centre recently received information about 700 Indians having black money in secret accounts with a multi-national bank in Geneva.
BJP also demanded that the government make public the action taken to bring back Indian money stashed abroad and steps initiated to prosecute such tax evaders.
Can a corrupt revenue system be trusted to keep confidences when oodles of money are involved, asks Mahesh Vijapurkar
Campaigning for May 13 elections in 96 Lok Sabha constituencies across 10 states and Union territories including all seats in Andhra Pradesh, where assembly elections are also being held concurrently, and Telangana concluded on Saturday evening.
He said this in Parliament rebutting reports last month, which quoted the Swiss National Bank, the country's central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017.
Calling upon "honest" people within the Congress to act the way VP Singh had done on Bofors, Bharatiya Janata Party leader L K Advani on Wednesday said they should show the same courage in getting back black money stashed abroad by Indians.
A total of 64,275 declarations were made under the scheme, an average of Rs 1 crore per disclosure. This is expected to translate into tax collection of about Rs 30,000 crore from the scheme, of which the government exchequer should get around Rs 15,000 crore by the end of 2016-17.
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.
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
Experts of both the countries will meet by mid-September 2016 to further discuss the modalities for the reciprocal bilateral implementation of AEOI between India and Switzerland with a view to reaching an agreement at the earliest, possibly by the end of the year
The commission said enforcement authorities have seized Rs 4,650 crore even before polling begins for the Lok Sabha elections and it is the "higher than total seizures" made in the 2019 polls
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on Monday.
Events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit. What the RBI was hiding was the fact that Modi had ignored its concerns -- all of which turned out to be true -- and gone ahead anyway, asserts Aakar Patel.
Filing with inadequate disclosure of assets will be liable for prosecution
Prime Minister Narendra Modi asked G20 nations to freeze and repatriate unaccounted money hoarded abroad.
The Election Commission (EC) had, in 2019, flagged its concerns in the Supreme Court on the changes made in several laws relating to political funding to facilitate the electoral bonds scheme, saying it will have 'serious repercussions' on transparency.
'Who has given how much money to which party, the people of India must know this fact.'
Armed with information on secret bank accounts of citizens from 10 countries, the Finance Ministry said on Wednesday the results of its crusade against black money will be visible over the next five years.
Meeting the disclosure norms isn't very easy.
Prime Minister Narendra Modi Wednesday took the Congress to the cleaners over making the 2024 general elections about the protection of the Constitution, saying Indians voted on the plank only once when they threw out the Indira Gandhi government in 1977 after the Emergency.
Indians having undisclosed property abroad will have to pay tax and penalty.
'Are we so ready to believe that in this country whose virtues we constantly shout from the rooftops, there is no single person -- other than Modi -- in a minimum of 272 elected MPs with the talent and ability to lead this country?' asks Prem Panicker.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The SIT found and reported that there was no amount shown in almost 289 HSBC Geneva entries, while 122 of them were repeated twice in the same list.
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