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.
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.
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
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
The government on Tuesday said it has received information related to black money from Mauritius and was examining it for appropriate action.
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.
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.
Black money is because of P Notes, hawala and variety of other reasons.
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.
Netflix has announced the continued expansion of the globally popular Money Heist (La Casa de Papel) universe, teasing new content and confirming the franchise's future beyond its existing spin-offs and the upcoming Berlin prequel.
The identity of the informant shall be kept a secret, it said.
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.
A gang posing as Income Tax officials robbed a contractor's home in Dhar, Madhya Pradesh, stealing gold and cash.
A crucial annual general meeting (AGM) of Tata Sons, the primary holding company of the Tata conglomerate, was adjourned due to a lack of quorum, specifically the absence of representatives from the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT). The SRTT is currently under restrictions from the Maharashtra Charities Commissioner, preventing it from making major decisions or holding meetings, which impacted its ability to participate.
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 will ask the RBI for transaction details over 15 years
The SIT was created by Supreme Court and notified by the government last year to curb black money.
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.
After assuming office, the Narendra Modi government on Monday constituted a Special Investigative Team to unearth black money.
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.
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.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
The comments assume significance in view of the charges faced by HSBC
The black money bill got the nod of the Rajya Sabha on Wednesday.
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.
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".
Former apex court judge M B Shah will also be member of the SIT.
The SIT on black money has widened its probe.
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.
Is this one car with options, or three distinct vehicles? Rajesh Karkera/Rediff.com finds out.
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'.
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.
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.
Manish Sabharwal tackles 5 criticisms of demonetisation.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
