The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
The approval for provisioning of Rs 20,000 crore as subordinate debt to provide equity support will benefit 2 lakh stressed MSMEs.
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
Within the next two years, verification and scrutiny of returns will happen electronically through anonymised back offices manned by tax experts and officials. It will function without any personal interface between taxpayers and tax officers. Both the taxpayer and the tax officer will not know each other -- who is scrutinising whose return, and at which place, points out Kuldip Kumar, partner and leader personal tax, PwC.
Getting US citizenship will in no way affect your right of being able to own or hold the agricultural land in India.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
Indian economy about to take-off
'The difference between black money in India and the black money out of India is, in India, it is tax evaded money and Indian money outside India is not only tax evaded money, but money which has been taken out of India's capital resources needed for India. So it is not only tax evasion, but treason too.'
Chennai Super Kings and Rajasthan Royals were suspended from the Indian Premier League for two years for betting activities of their key officials, Gurunath Meiyappan and Raj Kundra, during the 2013 season of cash-rich Twenty20 cricket tournament.
Read the full transcript of President Obama's State of the Union address on Wednesday at the US Capitol in Washington.
