The Central Bureau of Investigation (CBI) had told the finance ministry some "well-known" companies in the power, oil, and telecommunications sectors were involved in round-trip trading by indulging in third-party transfers in violation of law.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on Monday.
In a further escalation of the confrontation between the Congress and the government, the opposition party claimed that a committee constituted by the Delhi government has found 'gross financial irregularities' in the DDCA during that period.
DFS writes to departments that haven't responded to RBI's request for information.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
The Supreme Court-appointed SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for P-Notes, while also making a case for bringing donations to educational and religious bodies under tax net.
The Supreme Court appointed Special Investigative Team, which is looking into the black money cases, on Thursday said it will go after the offenders "big or small" but also made it clear that the confidentiality of account holders abroad will not be violated.
Prohibition is resulting in prisons getting overcrowded.
BJP MP Kirti Azad on Sunday alleged that lots of companies were given crores of rupees by the DDCA and contracts were given out to fraud companies without any verification.
Out of these, no balance has been found in case of 289 accounts
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
One of the urgent tasks ahead for the new government should be to improve public trust in the executive.
'The moment you increase the possibility of making a team winning or losing a game that's where match-fixing happens. And whenever match-fixing happens, it can only happen at the players' level. If a player is not fixed to perform a particular task then how can one generate money?'
The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
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