The Clearing Corporation of India (CCIL) will be able to reapply for recognition by the European Union's (EU) financial markets regulator following a pact signed on Tuesday between the Reserve Bank of India (RBI) and the European Securities and Markets Authority (Esma).
The Income Tax department will start sending SMS/emails to about 25,000 individuals, who are part of the "high-risk" cases identified for non-disclosure of foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26, sources said.
Assam Chief Minister Himanta Biswa Sarma on Monday said the state government has asked the Ministry of Home Affairs to invoke the Mutual Legal Assistance Treaty (MLAT) with Singapore to secure full cooperation from authorities in the case of singer Zubeen Garg's death.
In September last year, India received financial information from over 108 countries regarding foreign accounts and income in the form of interest and dividend earned outside India.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
In a significant move, state-run oil producer Oil India Limited (OIL) has finished drilling its first well in the Andaman sea while Oil and Natural Gas Corporation (ONGC) has just started drilling operations in the area, said officials.
The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR).
'Digital courts will alleviate congestion in traditional courts.'
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
The high profile visit is taking place in the backdrop of Washington's allegations about an Indian link to a foiled plot to kill a Sikh separatist Gurpatwant Singh Pannun on the American soil.
Minister of State for Defence Ajay Bhatt said in Lok Sabha the Navy deployed its units in the Gulf of Aden and East coast of Africa towards anti-piracy patrols since 2008 and a total of 3,440 ships and over 25,000 seafarers have been "safely escorted".
The Bombay high court on Monday refused to grant an interim stay on setting up a fact-checking unit (FCU) under the recently amended Information Technology (IT) Rules to identify fake and false content on social media against the government, noting that no grave and irreparable loss would be caused.
The summons were sent to Singham recently on his personal email ID and also through the Chinese diplomatic channels after the ED routed them through the ministry of external affairs, the officials said.
'At the moment, there are no challenges to the Cheetah Project. If there are any challenges in the future, these will be addressed as we go forward'
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
India has received the third set of Swiss bank account details of its nationals under an automatic exchange of information pact with Switzerland, as part of an annual exercise under which the European nation has shared the particulars of nearly 33 lakh financial accounts with 96 countries.
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
India has issued a notice to Pakistan for modification of the Indus Waters Treaty of September 1960 following Islamabad's "intransigence" on its implementation
The list also includes two notorious fugitives -- Sukumara Kurup, never nabbed in connection with a murder and Dr Edadi Omana -- who had given the slip to the investigating agencies, and have remained untraceable for several years.
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. "Caution is the word that should be in the minds of the people dealing with crypto. "In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said.
The matter came up for discussion during their wide-ranging dialogue that was aimed at expanding overall ties.
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.
The development comes following the third round of talks between Russia and Ukraine in Belarus on Monday, which apparently ended up in failure.
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.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
The demand for action by Pakistan was made through a joint statement issued after the 2+2 ministerial attended by the US Secretary of State Antony Blinken and Defence Secretary Lloyd Austin, Defence Minister Rajnath Singh and External Affairs Minister S Jaishankar.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
India believes no country would emerge victorious in the Russia-Ukraine war as all will suffer losses and there will be a "more serious" impact on developing and poor countries, Prime Minister Narendra Modi said on Monday after holding talks with German Chancellor Olaf Scholz as both leaders reiterated the need for an immediate cessation of hostilities.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
The exchange was made in accordance with Article-II of the Agreement on Prohibition of Attacks against Nuclear Installations and Facilities between Pakistan and India, signed on December 31, 1988, the Foreign Office (FO) said in a statement in Islamabad.
Switzerland will not share details about accounts held prior to September 2018.
India is among 75 countries with which Switzerland's Federal Tax Administration has exchanged information on financial accounts within the framework of global standards on Automatic Exchange of Information.
Nearly two weeks after drone and missile attacks on its vital oil facilities, Saudi Arabia has said it is enhancing cooperation with India to combat terrorism, including choking funds to terror networks and exchange of information and intelligence.
Switzerland has been perceived for long as a safe haven for alleged illicit funds or black money
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
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
India has been spearheading the campaign at international fora for automatic exchange of information with a view to check tax evasion.
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