It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.
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.
Black money to the tune of "Rs 1.25 lakh crore" has been confiscated by the Modi government, Union Minister Ashwini Vaishnaw said on Monday and asserted transparency is a key aspect of the present dispensation's good governance model. The minister for railways said similarly, to ensure transparency, benami properties worth Rs 4,300 crore were attached and registration of 1.75 lakh companies cancelled. Talking to reporters at the Rail Bhawan, Vaishnaw said in his long public service, Prime Minister Narendra Modi has "perfected a model of good governance that started in Gujarat".
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.
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.
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.
The 90-day compliance window to declare overseas wealth ends on September 30.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
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.
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.
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.
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.
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
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.
Black money is because of P Notes, hawala and variety of other reasons.
'Markets never fully lose hope. But an important shift could come if the Strait remains closed -- moving from high prices to no prices.'
The government on Tuesday said it has received information related to black money from Mauritius and was examining it for appropriate action.
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,".
Amid the growing chorus against black money and the government's efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration.
Switzerland's Ambassador to India Linus von Castelmur also said the past cannot be undone, while promising full support of his country in cases where at least some proof is provided on tax frauds.
Police in Rajasthan's Jhalawar have frozen assets worth more than Rs 2.5 crore belonging to an alleged drug trafficker under provisions of the NDPS Act.
Perhaps never in the history of independent India has one pillar of the Constitution implicitly castigated another pillar -- the executive, in this case -- as heavily as the Supreme Court has done this time.
On its first day in office, the Union Cabinet headed by Prime Minister Narendra Modi constituted a special investigative team to unearth illicit money, including in the case involving Hasan Ali.
Noida Cyber Crime Police arrested four individuals in Sector 76 for allegedly defrauding foreign nationals through a tech support scam. The accused posed as technical support agents, falsely claiming hacking incidents to extort money from victims.
After assuming office, the Narendra Modi government on Monday constituted a Special Investigative Team to unearth black money.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
The SIT will ask the RBI for transaction details over 15 years
In spite of the judges questioning the difficulty in revealing the names of those under the scanner, Solicitor General Gopal Subramanium did not reveal the information.
Apex court also expressed its dismay that the government's probe into the issue of black money was focused only on the case involving Pune stud owner Hasan Ali Khan.
The black money bill got the nod of the Rajya Sabha on Wednesday.
The comments assume significance in view of the charges faced by HSBC
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
In a major boost to measures being taken by India against money laundering and terror financing activities, the Financial Action Task Force (FATF) on Wednesday said the country has substantially addressed the deficiencies in its regulatory framework and has become largely compliant with global standards in this regard.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
Former apex court judge M B Shah will also be member of the SIT.
The SIT on black money has widened its probe.
