Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
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Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
Jamaica's former world champion Yohan Blake sailed into the final of the 100 metres at the Commonwealth Games on Sunday, living up to his top billing on the opening day of the athletics at the Gold Coast.
This may mean easier access, simplified KYC and documentation requirements, and fewer investment restrictions for a majority of FPIs, especially broad-based funds and pooled vehicles that were earlier part of Category-II.
Mallya showed his net worth at Rs 615 crore, mainly in shares and bonds.
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
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.
The Budget has relaxed a few safe harbour rules that aim to make it easier for fund managers overseeing offshore India-focused funds to relocate to the country.
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.
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Plans to probe into financial details of more than 500 individuals, entities that might have secret offshore accounts at various places abroad
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.
Swiss authorities have begun questioning the soccer officials who were arrested in Zurich in May in a corruption scandal and are facing extradition to the United States, legal sources said.
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
Kochhar brothers stepped down from the board of Credential Finance by 2009. While Deepak Kochhar started NuPower Renewables, Rajiv set up Avista Advisory Group
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The Greens are calling for an urgent investigation.
The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system.
Indians continued their strong show at the fifth Commonwealth Youth Games, winning five medals, including two gold, on the second day of competition in Apia, Samoa, on Tuesday. Weightlifter Deepak Lather (boys' 62kg category) and javelin thrower Mohd Hadish won a gold each in their respective events, while Jisna Mathew won a silver in the girls' 400 metres.
It is suspected that some portfolio managers at these banks, which have significant presence in Indian financial markets, could have helped their Indian clients to route their money back into India in disguise of foreign funds through use of investment vehicles across various jurisdictions.
Vodafone pleaded in High Court that IT department had no jurisdiction in the transfer pricing case because the said transaction was not international and did not attract tax.
Sepp Blatter faces months of troubles before departure.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
The leaked list contains the name of Union minister Jayant Sinha, who responded by saying that the transactions were not done for any 'personal purpose'.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
'The anonymous electoral bonds means that political affiliations will be even harder to ascertain for the voter or the minority shareholder.' 'The government of the day will, of course, know, exactly which corporate is making donations to which party.' 'Hence, the government will be in a wonderful position to exert "moral pressure" on corporates which make donations to Opposition parties.'
Clever wordplay does not change the fact that the government is going pretty easy on some tax offenders, says Arup Roychoudhury.
'There is a Jack Warner or two in every Caribbean parliament today.'
It is important to clarify that availing of an exemption is neither evasion nor tax planning.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
Despite the Indian government's recent efforts anecdotal evidence indicates that there has been little change in the extortionist behaviour of a significant proportion of tax and police officials, says Jaimini Bhagwati.
Under Blatter, FIFA has handed its development money out strategically. Members of FIFA with only tiny populations have often received as much in grant money as those with massive populations.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
Occasionally, a whistle-blower releases sensitive financial data.
If India was able to provide additional and new information about people and entities that figure on stolen lists, they may consider it to exchange information
The company's buy of Concur will strengthen its position in cloud computing
'... not even a moral one, let alone a legal one.' 'Even if it is assumed that Deepak Kochhar tried to influence his wife into doing something dodgy for his 'social acquaintance', why would she do it?' 'By all accounts she has been granted share options in ICICI Bank of a very substantial amount which easily makes her a multi billion-pati.' 'She did not become CEO against some stiff competition by being stupid and concocting devious cock-and-bull renewable energy stories.' S Murlidharan, former managing director, BNP Paribas, unravels the Deepak Kochhar-Videocon controversy.
Percy Mistry says things at market regulator Sebi are also in bad shape.
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