Hence, the claims by the Government that this will end the menace of black money and corruption are simply outlandish. Also, the simultaneous introduction of Rs 2,000 note undermines their claim and it simply does not fit the storyline of an attack on black money and corruption.
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There is no doubt that the Modi government has showed greater urgency in unearthing unaccounted money stashed away by some Indians in tax havens and other countries, enjoying the advantages of the latter's banking secrecy laws.
The Supreme Court has not only exposed the BJP government's intentions, it has also questioned the government's credibility, which is a serious blow, says Sheela Bhatt/Rediff.com
Aiming to intensify government's drive on black money, the PMO has asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
It suggested reforms in the real estate sector.
The Supreme Court on Tuesday said it was more interested in getting the black money stashed abroad back to the country than the disclosure of names of illegal account holders in foreign banks.
The illicit financial inflow of $770 billion was 14 per cent of India's total trade of $5,500,744 million, the report said.
Jantri rates act as benchmark for deciding stamp duty rates for registering property deals.
Replying to a poser on black money transactions in the real estate sector, the Prime Minister said stamp duties in the country are a 'big obstacle' to cleaning the mess with regard to transactions in real estate.
As part of efforts to tackle the menace of black money, the government has commissioned studies to estimate the amount of unaccounted income and wealth.
Yoga guru Ramdev on Wednesday accused the Centre of not being sincere about bringing back black money stashed abroad, saying unaccounted wealth kept in foreign tax havens was being used to boost terror activities.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
After the government toed the UPA government's line in the Supreme Court, Finance Minister Arun Jaitley on Friday blamed the agreement entered into by the Congress government with Germany in 1995 as a constraining factor in disclosing details of black money stashed abroad.
Amid claims from various quarters that Indians have stashed away thousands of crores in secret bank accounts in Switzerland, the Swiss banks have asserted that any statistics about black money "simply do not exist."
Eminent jurist Ram Jethmalani and others, who have alleged government inaction in bringing back black money stashed in foreign banks, on Friday told the Supreme Court that the Centre was withholding vital documents relating to the case.
Finance ministry maintains that all KYC requirements will be followed.
FinMin working to ensure all govt transactions are done electronically, says official
The apex court, however, turned down the plea of the petitioner and senior advocate Ram Jethmalani, for allowing him to go through the contents of the report.
Anyone who has specific and definite information on black money can share it with Supreme Court-appointed Special Investigation Team going into the issue that can crack down on those stashing money abroad and at home.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations.
Last week, the government had introduced the black money Bill.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
The Congress on Tuesday reiterated that the United Progressive Alliance government has taken firm steps to bring back black money stashed abroad in the last three years, and criticized leaders of the National Democratic Alliance for lending support to yoga guru Baba Ramdev's agitation.
Black money can take the form of a high-end property in Southeast Asia, a cruise ship floating on the Mediterranean or blue-chip shares held via an offshore fund manager.
The government notified the compliance window under the Act.
Says one of the problems in addressing the issue of black money is that India's tax system is perceived as being arbitrary
After assuming office, the Narendra Modi government on Monday constituted a Special Investigative Team to unearth black money.
This concession will be available only to those who had not received any intimation.
Those availing the one-time 'compliance window' would be required to pay a tax of 30 per cent and a penalty of a similar amount.
The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) -- the lowest ever since the European nation began making the data public in 1987.
The Centre set up a political tug of war with opposition parties which have planned to observe it as a 'black day'
he government will allow holders of black money abroad to declare their wealth.
Kharge also hit back at the BJP for criticising his party colleague Rahul Gandhi over a copy of the Constitution with a red cover. He showed a picture of PM Modi gifting a similar copy to former president Ramnath Kovind.
A new framework has been put in place for automatic exchange of information between Switzerland and India to help check the black money menace with effect from January 1, 2018. The funds held by Indians through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown. It is now at second-lowest level in 20 years.
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.
As real estate is about a tenth of the Indian economy, the extent of black money floating around in the sector is huge.
Noted jurist and Bharatiya Janata Party member of parliament Ram Jethmalani on Friday slammed the ruling United Progressive Alliance government as "shameless" for remaining in office even after the Supreme Court's criticism of it for the "laggardly pace" of probe into the issue of black money stashed abroad in tax havens.
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