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.
Delhi Police have arrested two men in Jaipur, busting a mule account syndicate that allegedly routed proceeds from cyber frauds through multiple bank accounts. The investigation began after a Delhi resident lost Rs 1.91 lakh, leading to the discovery of a sophisticated money-laundering operation involving loan repayments.
Tamil Nadu Chief Minister C Joseph Vijay has criticised the DMK for allegedly trying to gain 'political mileage' from the 2025 Karur stampede that killed 41 people, and also faulted the police for failing to alert him about the swelling crowd or cancelling the event.
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.
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.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
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.
The government on Tuesday said it has received information related to black money from Mauritius and was examining it for appropriate action.
Black money is because of P Notes, hawala and variety of other reasons.
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.
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,".
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.
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".
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.
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.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
After assuming office, the Narendra Modi government on Monday constituted a Special Investigative Team to unearth black money.
The SIT will ask the RBI for transaction details over 15 years
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.
Former apex court judge M B Shah will also be member of the SIT.
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.
The SIT on black money has widened its probe.
The Central Board of Direct Taxes is set to rationalise I-T rules.
Arun Jaitley has promised a compliance window under the new black money law for persons with overseas funds to come clean.
'Switzerland is a country which wants to be part of the international mainstream'.
The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) -- the lowest ever since the European nation began making the data public in 1987.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
Manish Sabharwal tackles 5 criticisms of demonetisation.
'I think investors see a lot of positives happening in India now.'
