The black money bill got the nod of the Rajya Sabha on Wednesday.
Arun Jaitley has promised a compliance window under the new black money law for persons with overseas funds to come clean.
Professor R Vaidyanathan, who has written extensively on the issue of black money stashed abroad, tells Rediff.com's Vicky Nanjappa that it's very important for Arvind Kejriwal to reveal his source of information on his latest anti-graft expose.
Prime Minister Narendra Modi on Saturday unequivocally said that repatriation of black money kept abroad is a "priority" for his government, as he sought close global coordination to achieve this objective.
Following the disclosure of eight names in the black money case by the Centre, senior Janata Dal-United leader and former chief minister of Bihar Nitish Kumar questioned the Bharatiya Janata Party-led government's action on Monday and launched a scathing attack on the government.
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
'There is a difference between a politician and leader.' 'A politician will have his pound of flesh first and do everything else later.' 'A leader will sacrifice everything to help people.'
The SIT was created by Supreme Court and notified by the government last year to curb black money.
As his fast entered the second day, yoga guru Ramdev on Friday asked Prime Minister Manmohan Singh to demonstrate "political honesty and political will" in bringing back black money stashed away in foreign shores which can be spent on empowering the people.
Move will be a setback for India which wants information on black money probe based on leaked data
On its first day in office, the Union Cabinet headed by Prime Minister Narendra Modi constituted a special investigative team to unearth illicit money, including in the case involving Hasan Ali.
'I think investors see a lot of positives happening in India now.'
Raising the issue of black money stashed away in foreign banks, BJP's Prime Ministerial candidate L K Advani on Wednesday said that if the money is routed back to the country it could be used for development work.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
In the wake of Congress President Sonia Gandhi's remarks against the Opposition and civil society, Bharatiya Janata Party President Nitin Gadkari said on Monday her charges were baseless and sought to know if the Congress feels yoga guru Ramdev's demand for bringing back black money is anti-national.
The true lesson of the White Paper should be that there are no quick fixes for what has been a major scourge of the Indian economy for several decades.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
Switzerland's Ambassador to India Linus von Castelmur also said the past cannot be undone, while promising full support of his country in cases where at least some proof is provided on tax frauds.
It has also suggested tax incentives for encouraging use of debit and credit cards as these leave audit trails.
The SIT will ask the RBI for transaction details over 15 years
"If we do surgical strikes (in this area), you can imagine what all will come out," the prime minister said.
The government on Friday announced some concessions for mutual fund industry and income tax payers, while comitting to low tax regime to promote industrial activity to generate jobs and create more resources to undertake social welfare activities.
Scores of National Students' Union of India activists on Tuesday staged a protest outside the residence of Union Home Minister Rajnath Singh in Delhi over the issue of black money stashed away in foreign banks.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
India could become a fiscal surplus nation if the government manages to bring back at least one-tenth of the estimated Rs 45 lakh crore black money stashed abroad, industry body Ficci said on Monday.
The SIT on black money has widened its probe.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
The minister further said that he received a reply on his letter from his Swiss counterpart and will send India's response in the next few days.
Describing the government's White Paper on black money as "disappointing" and a "non-paper", the Bharatiya Janata Party said on Monday it is "like a bikini" as it hides the essentials and reveals only the less significant details.
'Reservation for the private sector is a bad idea.'
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
Senior Bharatiya Janata Party leader L K Advani on Sunday said the issue of bringing back Indian black money illegally stashed away abroad would figure prominently during his anti- corruption 'Jan Chetna Yatra' across the country.
The I-T department has also filed 77 prosecution cases.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
The government on Tuesday said it has received information related to black money from Mauritius and was examining it for appropriate action.
;The entire INDIA bloc, led by Rahul Gandhi, was against the bonds and they wanted the old system of cut money to rule over politics once again;
To better track generation of black money in the system, the finance ministry is planning to streamline third-party information provided on high-value transactions.
Expressing "serious concern" over the generation and circulation of black money, Finance Minister Pranab Mukherjee today said the government has adopted a five-fold strategy to deal with the menace.
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