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.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
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.
From selling vacuum cleaners to Bollywood's poetic soul, Swanand Kirkire reveals the grit, heartbreaks, and coincidences behind his most iconic songs and life's journey.
Manish Sabharwal tackles 5 criticisms of demonetisation.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
'I think investors see a lot of positives happening in India now.'
The minister further said that he received a reply on his letter from his Swiss counterpart and will send India's response in the next few days.
The government on Friday announced some concessions for mutual fund industry and income tax payers, while comitting to low tax regime to promote industrial activity to generate jobs and create more resources to undertake social welfare activities.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
Professor R Vaidyanathan, who has written extensively on the issue of black money stashed abroad, tells Rediff.com's Vicky Nanjappa that it's very important for Arvind Kejriwal to reveal his source of information on his latest anti-graft expose.
The Budget has proposed a Benami Transactions (Prohibition) Bill.
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
"Clothes speak volumes before you do," says celebrity stylist Tanya Ghavri, who believes elegance matters more than virality.
The I-T department has also filed 77 prosecution cases.
The issue of black money created uproar in Lok Sabha on the first working day of Winter session with Opposition asking the government to fulfil its promise of bringing it back from abroad.
A CBTR pertains to transfer of funds through various channels abroad.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
The Financial Intelligence Unit will apply a multi-pronged approach in probing black money, counterfeit currency, terror funds and hawala transactions as it believes they are all interlinked, reports Vicky Nanjappa.
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
Move will be a setback for India which wants information on black money probe based on leaked data
In a shocking revelation, WikiLeaks founder Julian Assange said black money mainly comes from India.
Sources said that the capital markets regulator Securities and Exchange Board of India has come across quite a few cases where GDR route could have been used for round-tripping of funds in the name of capital-raising activities of listed companies from abroad.
As his fast entered the second day, yoga guru Ramdev on Friday asked Prime Minister Manmohan Singh to demonstrate "political honesty and political will" in bringing back black money stashed away in foreign shores which can be spent on empowering the people.
However, India's black money loss of $123 billion in 10 years is far less that China, which according to the report suffered a loss of $2.74 trillion during the same period (2001 to 2010), followed by Mexico ($476 billion), Malaysia ($285 billion), Saudi Arabia ($201 billion), Russia ($152 billion), the Philippines ($138 billion) and Nigeria ($ 129 billion).
To curb the black money problem, Jaitley said that India would be entering into bilateral pacts with Switzerland and other countries for automatic exchange of tax information.
Justice BV Nagarathna said she had to dissent against the demonetisation move by the central government as in 2016, when the decision was announced, the Rs 500 and Rs 1,000 notes comprised 86 per cent of the total currency notes in circulation, and 98 per cent of it came back after they were banned.
In the wake of Congress President Sonia Gandhi's remarks against the Opposition and civil society, Bharatiya Janata Party President Nitin Gadkari said on Monday her charges were baseless and sought to know if the Congress feels yoga guru Ramdev's demand for bringing back black money is anti-national.
Switzerland on Thursday said it would share data of black money allegedly stashed away by Indians in Swiss banks in accordance with the tax treaty between the two countries.
'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.'
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
