The Bharatiya Janata Party (BJP) has long spoken of the need to unearth illegal tax-evading accounts held by Indians abroad.
As India and Switzerland prepare to renegotiate the Double Taxation Avoidance Agreement, the Swiss government said it was confident that the pact would be finalised by next year.
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The Finance Ministry had set a time period of 18 months, which expired last year on August 21, for completion of the study.
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
The speech he gave in which he accused the Congress of getting black money in tempos from Ambani and Adani is remarkable.' 'It is a self-goal for sure, but indicates someone who has lost control, someone who is rattled.'
The Centre will disclose the list comprising over 600 names of the black money account holders on Wednesday after the Supreme Court slammed it for "giving a protective umbrella to foreign bank account holders". The court had said that Special Investigation Team will investigate black money and not the government.
Stepping up the attack on the government on the black money issue, Aam Aadmi Party chief Arvind Kejriwal on Wednesday accused it of adopting a "selective" approach in punishing the guilty and said he will try to meet the Special Investigative Team probing the high-profile case to share some details.
The move is likely to help the government track black money parked by Indians in Belgium - a huge diamond trading hub.
Jagdish Chhokar, founder-member of the Association for Democratic Reforms says there should be a law to regulate the functioning of political parties.
The Supreme Court on Thursday slammed the government again over the issue of illicit wealth parked in foreign banks, asking it to file a report on the action taken by it against people and firms that have stashed black money in tax havens abroad.
India to hold one-to-one meetings with global counterparts to trace blackmoney.
BJP leader Subramanian Swamy on Thursday met President Pranab Mukherjee and apprised him of his "findings on the black money deposits of Indian politicians abroad," according to a statement issued by him.
First cover contains names, documents and information of 18 persons already probed by I-T authorities.
The details are being shared with India on a 'spontaneous' basis and are different from the information sought earlier by the Indian authorities on the basis of 'leaked' or 'stolen' lists of certain banks.
The order came following an appeal by an RTI applicant who had sought to know the action taken report on the letters written by him to Finance and External Affairs ministries among other public authorities in connection with the illegal wealth stashed abroad.
The income-tax department continued its searches in different places linked to an Odisha-based distillery group on charges of tax evasion for the sixth consecutive day on Monday after recovering unaccounted cash to the tune of Rs 353 crore, the 'highest-ever' haul in a single action by any probe agency in the country, officials said.
The Supreme Court on Wednesday asked the Centre to ensure that the ongoing income tax probe for suspected black money concerning 627 Indians who have accounts in HSBC bank, Geneva, do not get time barred and be completed by March next year.
Progress has been painfully slow despite strengthening global information-sharing networks.
A small change in the Income Tax Act from 'total income' to 'gross total income' can make a big difference in containing black money
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts.
Years before the Supreme Court struck down as 'unconstitutional' an opaque political funding tool that allowed individuals and companies to donate money to political parties anonymously and without any limits, the then finance minister Arun Jaitley -- the prime mover of electoral bonds -- had termed them legitimate and transparent.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
The study was ordered in March 2011 when the nation was debating on the amount of unaccounted income with figures projected by politicians and civil society in crores of rupees.
Sebi has put in place a strong deterrence to check any misuse of participatory notes.
Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries.
The MoU deals with creation of a useful forum for exchange of views on financial and macro-economic issues. Official sources said the MoU will facilitate dialogue between the tax authorities of the two countries.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
According to the report, 1,195 Indians, nearly double the old list of 628 shared by the French government with India, figure in the HSBC list with a total balance of Rs 25,420 crore.
Most of the 30-Sensex constituents led by M&M, Adani Ports, BhartiAirtel, Bajaj Auto, Hero MotoCorp, ICICI Bank, Sun Pharma, Cipla, HDFC Ltd, ONGC and Hind Unilever were trading in negative terrain, falling by up to 5.77 per cent.
The Swiss Finance Ministry spokesperson further said the treaty states that "such persons or authorities shall use the information 'only' for such purposes.
The Centre on Wednesday placed a list of names of 627 Indian account holders in HSBC bank, Geneva in the black money case before the Supreme Court which asked a Special Investigation Team to go through the list and take appropriate action in accordance with law.
The Centre on Friday declined before the Supreme Court to make public names of the people who have stashed black money in foreign banks, saying it is not possible to disclose information received from foreign governments under Double Taxation Avoidance Agreement.
No, curbing it requires a radical overhaul of our political structure, but since the executive has failed to act in public interest the court had no other choice but to take matters into its own hands.
The Indian mrime minister supported a new global standard on automatic exchange of tax information
Senior NDA leaders held a press conference on Tuesday to present the report of a task force appointed by BJP to look into the issue of Indian black money stashed abroad and ways of dealing with the issue.
The unearthing of capital flight of "black" money Indians have allegedly stashed away in Swiss banks could add $30 billion to the country's forex reserves, says a Bank of America Merrill Lynch report.
The five-day event, scheduled from July 18 to 22 at Kochi, Kerala, will be attended by Finance Minister Pranab Mukherjee, who will make the opening address on July 19, an official statement said.
While presenting the Budget on Monday, Finance Minister Pranab Mukherjee, had expressed 'serious concern' over the generation and circulation of black money and said that the government has adopted a five-fold strategy to deal with the menace.
Amid the threat of yoga guru Baba Ramdev to go on a hunger strike on the issue of black money from June 4, the government on Wednesday said the series of steps taken by it to unearth unaccounted-for wealth have started yielding results.
The Supreme Court on Wednesday expressed displeasure over the government's reluctance in coming forward with full information on the black money stashed by Indians in foreign banks, saying it as a theft of national wealth and amounted to 'plunder' of the nation.
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