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 cash was reported missing while being ferried to various ATMs in Delhi.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
It said Naisar Kothari, a resident of Bhavnagar in Gujarat, was arrested under sections of the Prevention of Money Laundering Act (PMLA) and he has been sent to the ED custody till December 22 by a court.
The finance ministry has received over 600 names of Indians who have accounts in HSBC Bank's Switzerland branch, from the government of France.These names were obtained by the French government after an employee of HSBC Bank became a whistleblower. He took refuge in France and brought along a long list of account holders who have allegedly stashed money in the Swiss branch of HSBC Bank. Now the Indian government is sitting tight on those names.
Kapoor told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the MF Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the Padma Bhushan award.
The first tranche of $31 million was due on March 11, while the second instalment of $109 million was due on March 28.
It has been in force since October 2011.
The government is likely to conduct a through inquiry into allegations that multinational organisation HSBC Bank was involved in money laundering operations that may have helped terror groups operating in India.The probe is likely to be conducted by sleuths of various intelligence wings of home and finance ministries as the allegations, if proved true, would have serious security implications, highly-placed sources said.
India and Swtizerland have a tax treaty under which specific information on tax evaders can be shared. But as the HSBC Bank accounts have been opened before 2011 -- when the treaty became effective -- the I-T department has asked HSBC account holders to give an undertaking under the secrecy laws.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
Forum president M G Rahatgaonkar and Member Jyoti Mandhale observed in their order that the complainant had not filed the complaint within the specified time frame (the case pertains to 2006) and hence it was being disposed off.
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
Activist-turned-politician Arvind Kejriwal on Friday took on the issue of hawala money stashed in Swiss bank accounts.
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Prime Minister Narendra Modi is set to meet top Australian business leaders, including BHP Billiton CEO Andrew Mackenzie and HSBC Bank Australia CEO Tony Cripps, at a roundtable in Melbourne next week.
The UPA government has been facing a lot of flak for not doing enough to unearth the black money kept by Indians in banks abroad. Sheela Bhatt reports.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
Wisconsin-based Dr Arvind Ahuja, a board certified neurosurgeon, wire transferred and maintained millions of dollars in bank accounts in India and the Bailiwick of Jersey at The Hongkong and Shanghai Banking Corporation Ltd, according to the indictment.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown.
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
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.
Asian countries are home to some of the wealthiest expatriates in the world and about 25 per cent of the highest paid foreign assignees' prefer to live in India, a report has said.
Before taking a job abroad, make sure it's in a place where you can earn more, save more and spend less.
Infosys' first non-founder CEO had been granted 232,329 RSUs at Rs 5 a unit.
HSBC Banking group will expand its capital market, corporate and investment banking team in India and establish analytical support facility to exploit growing business opportunities and provide services to the group's overseas requirements.
At least 27 people were killed in the bombings, including the British Counsel-General Roger Short.
The blasts caused minor damage to four branches of HSBC bank in Ankara and Istanbul.
A report on CNN Web site said several buildings have suffered extensive damage and at least three persons are believed killed.
The Swiss Finance Ministry spokesperson further said the treaty states that "such persons or authorities shall use the information 'only' for such purposes.
Jet and Etihad have already agreed upon a Rs 4,000-crore interim financing plan according to which Etihad will put in Rs 750 crore either on its own or from an offshore or onshore lender, and a matching amount will be provided by the Jet lenders.
Is this 'Yashpal Kapoor' the late Congress leader, one of Indira Gandhi's closest aides in the 1970s?
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
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