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
'Once when he was on a flight, the plane hit an air-pocket.' 'The turbulence outside caused it to see-saw violently which caused a lot of panic inside. While his co-passengers were crying and praying for their lives, Salil kaku was writing a song in his head.'
'We've rectified that and we've got a good series against a strong team getting into the World Cup.'
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
Zohran Mamdani, of Indian descent, was sworn in as the 112th Mayor of New York City, marking a historic moment as the first South Asian and Muslim to hold the position. The ceremony took place in an old subway station, symbolizing a new era for the city.
The illicit financial inflow of $770 billion was 14 per cent of India's total trade of $5,500,744 million, the report said.
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.
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.
Modi also asked banks to become socially more responsible
Vaa Vaathiyar ends up being a bland yet fascinating iteration of a masala film funnelled through the prism of a quirky humorist, notes Arjun Menon.
Referring to demonetisation of high value currency notes, Jaitley said it was well received as 'imandari ka utsav.'
'We serve more than 1.2 billion trips annually and have over 1.5 million active earners each month using the platform.'
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.
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.
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.
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
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.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
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.
It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.
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.
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.
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.
Shares of tyre manufacturers have outperformed broader equity benchmarks, buoyed by multiple tailwinds. Softer raw material prices, an uptick in demand from automakers following the reduction of the goods and services tax (GST) rates, and steady replacement demand have lifted sentiment toward the sector.
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.
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.
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.
The 90-day compliance window to declare overseas wealth ends on September 30.
It has also suggested tax incentives for encouraging use of debit and credit cards as these leave audit trails.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
Expressing "serious concern" over the generation and circulation of black money, Finance Minister Pranab Mukherjee today said the government has adopted a five-fold strategy to deal with the menace.
In his massive election rallies, Prime Minister Narendra Modi often caught voters fancy promising that each individual would get Rs 15-20 lakh in his bank account if he came to power.
India could become a fiscal surplus nation if the government manages to bring back at least one-tenth of the estimated Rs 45 lakh crore black money stashed abroad, industry body Ficci said on Monday.
In further embarrassment for former Chief Justice of India K G Balakrishnan, the Income Tax investigation into allegations of amassment of wealth against three of his relatives, have found black money in their possession
Black money is because of P Notes, hawala and variety of other reasons.
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.
To better track generation of black money in the system, the finance ministry is planning to streamline third-party information provided on high-value transactions.
Yoga guru Baba Ramdev will embark on "a 1,00,000 km long yatra" on Tuesday from Jhansi in Madhya Pradesh "to awaken people about corruption and black money". The yoga guru told reporters there were "two kinds of people in this country, honest and traitors". He claimed that all honest people were with him in his fight against corruption and black money. The aim of the yatra was to awaken people on the issue of "Rs 4,00,000 crore black money stashed in foreign countries,".
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