India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in the country's banks.
The 97-page document tabled by Finance Minister Pranab Mukherjee made a strong case for setting up Lokpal and Lokayuktas. Though, there was no was mention of government's estimate of black money within and outside the country, it pitched for courts to expeditiously deal with the offence.
The White Paper, which was tabled by Finance Minister Pranab Mukherjee in the Lok Sabha, also did not provide government's estimate of black money, within and outside the country, though it quoted various estimates of other agencies on the issue.
Rajya Sabha Chairman Jagdeep Dhankhar on Friday said a wad of currency notes was recovered by security staff from the seat allotted to Congress MP Abhishek Manu Singhvi.
India and OECD -- grouping of mostly industrialised nations -- have agreed to strengthen cooperation in cross border taxation issues, the finance ministry said on Wednesday.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted in the Supreme Court, on Monday said she needs to study the government's affidavit before commenting on the issue.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
The 90-day compliance window to declare overseas wealth ends on September 30.
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
The President, while addressing the concluding ceremony of celebrations for 150 years of the Income Tax Department, also made a strong case for tightening laws to book tax evaders.
Modi also asked banks to become socially more responsible
The issue of black money created uproar in Lok Sabha on the first working day of Winter session with Opposition asking the government to fulfil its promise of bringing it back from abroad.
New CII President B Muthuraman on Wednesday said an amnesty scheme for unearthing black money is feasible provided the government gives a strong message that those not declaring this type of funds will go to jail.
Yoga guru Baba Ramdev will embark on "a 1,00,000 km long yatra" on Tuesday from Jhansi in Madhya Pradesh "to awaken people about corruption and black money". The yoga guru told reporters there were "two kinds of people in this country, honest and traitors". He claimed that all honest people were with him in his fight against corruption and black money. The aim of the yatra was to awaken people on the issue of "Rs 4,00,000 crore black money stashed in foreign countries,".
In a rather candid disclosure, a top Income Tax official has admitted that the diamond trade has one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured".
Bharatiya Janata Party state president Shamsher Singh Manhas said the menace of corruption has also gripped Jammu and Kashmir.
In his massive election rallies, Prime Minister Narendra Modi often caught voters fancy promising that each individual would get Rs 15-20 lakh in his bank account if he came to power.
'Switzerland is a country which wants to be part of the international mainstream'.
In further embarrassment for former Chief Justice of India K G Balakrishnan, the Income Tax investigation into allegations of amassment of wealth against three of his relatives, have found black money in their possession
Jethmalani said that the BJP-led government at the Centre should take no step without obtaining the consent of the SIT which has been set up to probe the matter.
The UPA government, under severe pressure from the Supreme Court and the Opposition parties over the issue of billions of dollars of Indian wealth parked in tax havens, on Thursday assured the Apex Court that it will make public the names of persons who have stashed money in foreign banks, after a case is registered against them.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
Union Finance Minister Pranab Mukherjee said on Tuesday that there are no reliable estimates of black money generated by Indians within and outside the country, but it is estimated at being between Rs 500 billion and Rs 1,400 billion.
Claiming that black money to the tune of Rs 500 lakh crore (Rs 500 trillion) was stashed by Indians in foreign banks, yoga guru Baba Ramdev has advocated for bringing that money back home.
Government will provide a short window of a "few months" to income tax assesses to come clean by declaring their money and assets stashed abroad.
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth
Black money is because of P Notes, hawala and variety of other reasons.
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
Modi lamented that there was a time when people stood for values and the times changed where people started making compromise on corruption
The Central Board of Direct Taxes is set to rationalise I-T rules.
The comments assume significance in view of the charges faced by HSBC
Shah claimed that BJP was sensitive to the problems being faced by people queuing up outside the banks and ATMs but said they must realise that the step had hurt 'those sleeping over hoards of black money three thousand times more than the people on the streets'.
The government on Wednesday came under a blistering attack in Rajya Sabha on the issue of black money, with Congress asking it to apologise before people for 'selling lies' or else fulfill the poll promise made to them.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
India sked to provide name of the bank and other specific details.
The Financial Intelligence Unit will apply a multi-pronged approach in probing black money, counterfeit currency, terror funds and hawala transactions as it believes they are all interlinked, reports Vicky Nanjappa.
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