New CII President B Muthuraman on Wednesday said an amnesty scheme for unearthing black money is feasible provided the government gives a strong message that those not declaring this type of funds will go to jail.
The President, while addressing the concluding ceremony of celebrations for 150 years of the Income Tax Department, also made a strong case for tightening laws to book tax evaders.
Claiming that black money to the tune of Rs 500 lakh crore (Rs 500 trillion) was stashed by Indians in foreign banks, yoga guru Baba Ramdev has advocated for bringing that money back home.
In a rather candid disclosure, a top Income Tax official has admitted that the diamond trade has one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured".
Black money can take the form of a high-end property in Southeast Asia, a cruise ship floating on the Mediterranean or blue-chip shares held via an offshore fund manager.
The UPA government, under severe pressure from the Supreme Court and the Opposition parties over the issue of billions of dollars of Indian wealth parked in tax havens, on Thursday assured the Apex Court that it will make public the names of persons who have stashed money in foreign banks, after a case is registered against them.
After the government toed the UPA government's line in the Supreme Court, Finance Minister Arun Jaitley on Friday blamed the agreement entered into by the Congress government with Germany in 1995 as a constraining factor in disclosing details of black money stashed abroad.
'We are staying away from making forward-looking statements on when we will reach 1 trillion, etc. But growth will be rapid; it's only a matter of time.'
Last week, the government had introduced the black money Bill.
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
India sked to provide name of the bank and other specific details.
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.
The identity of the informant shall be kept a secret, it said.
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
he government will allow holders of black money abroad to declare their wealth.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
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
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.
This week's OTT releases feature a diverse range of genres, from the adult entertainment platform-focused Margo's Got Money Troubles starring Elle Fanning, Michelle Pfeiffer, and Nicole Kidman, to the Hindi crime drama Matka King with Vijay Varma, exploring Bombay's gambling culture.
India has a double-taxation avoidance pact with Singapore and more than 85 countries.
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.
Modi also asked banks to become socially more responsible
The illicit financial inflow of $770 billion was 14 per cent of India's total trade of $5,500,744 million, the report said.
West Bengal Chief Minister Mamata Banerjee criticised the BJP after the central government failed to pass a Constitution amendment bill for women's quota in legislatures, accusing the BJP of using the bill as a political ploy to divide the country and Bengal.
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.
Referring to demonetisation of high value currency notes, Jaitley said it was well received as 'imandari ka utsav.'
'Shah Rukh Sir gave us a lot of room to make the film we wanted to make.'
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.
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.
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.
West Bengal Chief Minister Mamata Banerjee has accused the BJP-led central government of using the proposed amendment to the women's quota law as a front for the Delimitation Bill, which she claims will divide the country. She asserted that her party will fight this move at every step.
