Union Finance Minister Pranab Mukherjee said on Tuesday that there are no reliable estimates of black money generated by Indians within and outside the country, but it is estimated at being between Rs 500 billion and Rs 1,400 billion.
The apex court, however, turned down the plea of the petitioner and senior advocate Ram Jethmalani, for allowing him to go through the contents of the report.
However, an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her
Hence, the claims by the Government that this will end the menace of black money and corruption are simply outlandish. Also, the simultaneous introduction of Rs 2,000 note undermines their claim and it simply does not fit the storyline of an attack on black money and corruption.
he government will allow holders of black money abroad to declare their wealth.
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Delhi Police have arrested seven individuals, including a former bar singer and an ex-banker, for allegedly posing as CBI officers to conduct fake raids and extort money or valuables in Delhi and Mumbai. The gang reportedly used fake ID cards and notices to intimidate targets.
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted in the Supreme Court, on Monday said she needs to study the government's affidavit before commenting on the issue.
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
Yoga guru Ramdev on Wednesday accused the Centre of not being sincere about bringing back black money stashed abroad, saying unaccounted wealth kept in foreign tax havens was being used to boost terror activities.
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in the country's banks.
Says one of the problems in addressing the issue of black money is that India's tax system is perceived as being arbitrary
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.
Modi also asked banks to become socially more responsible
Those availing the one-time 'compliance window' would be required to pay a tax of 30 per cent and a penalty of a similar amount.
Union Finance Minister Pranab Mukherjee on Sunday said treaties had been signed with a total 37 countries to know the details of money stashed abroad by Indians.
The illicit financial inflow of $770 billion was 14 per cent of India's total trade of $5,500,744 million, the report said.
'We have to pull 80 million workers out of agriculture and go back to where we were in 2014. That itself is going to be a huge task.' 'We have already lost time, and that is a catastrophe impending.''
The true lesson of the White Paper should be that there are no quick fixes for what has been a major scourge of the Indian economy for several decades.
Rejecting the contention of the Directorate that it has been exempted from making disclosures under the Right to Information Act, the Commission has held all such matters now investigated by the Enforcement Directorate come within the definition of allegations of corruption and, hence, should be disclosed.
Finance Minister P Chidambaram on Wednesday said the new banking cash transaction tax imposed this year has started yielding results by helping authorities keep a track on black money.
The Congress on Tuesday reiterated that the United Progressive Alliance government has taken firm steps to bring back black money stashed abroad in the last three years, and criticized leaders of the National Democratic Alliance for lending support to yoga guru Baba Ramdev's agitation.
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
Referring to demonetisation of high value currency notes, Jaitley said it was well received as 'imandari ka utsav.'
The Supreme Court has not only exposed the BJP government's intentions, it has also questioned the government's credibility, which is a serious blow, says Sheela Bhatt/Rediff.com
It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.
Indian Grandmaster R Praggnanandhaa secured his first victory at the Sinquefield Cup, defeating Javokhir Sindarov in a 95-move game.
Rashtriya Janata Dal chief Lalu Prasad on Tuesday said the government should disclose names of all Indians who have stashed black money in foreign banks and demanded that these money be brought back to the country and 'redistributed' among the poor.
Noted jurist and Bharatiya Janata Party member of parliament Ram Jethmalani on Friday slammed the ruling United Progressive Alliance government as "shameless" for remaining in office even after the Supreme Court's criticism of it for the "laggardly pace" of probe into the issue of black money stashed abroad in tax havens.
Jethmalani said that the BJP-led government at the Centre should take no step without obtaining the consent of the SIT which has been set up to probe the matter.
As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.
It has also suggested tax incentives for encouraging use of debit and credit cards as these leave audit trails.
Anyone who has specific and definite information on black money can share it with Supreme Court-appointed Special Investigation Team going into the issue that can crack down on those stashing money abroad and at home.
Government will provide a short window of a "few months" to income tax assesses to come clean by declaring their money and assets stashed abroad.
We raid restaurants for cockroaches but never raid the roadside. Public hygiene runs entirely on faith and fumes. Even after so many years of being a free nation, points out Binu Alex.
The 90-day compliance window to declare overseas wealth ends on September 30.
A family in Thane, Maharashtra, was allegedly defrauded of over Rs 1.66 crore by a man who exploited their fear of black magic, promising divine remedies through rituals and pilgrimages.
