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.
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.
Under the new rules, users must take a "live selfie" using software that verifies their presence, typically through eye-blinking or head movement. The measure helps prevent the use of static photos or deepfakes.
Indrani Mukerjea, in pure white, sporting dancing pearl jhumkas, bobbed about the accused box, occasionally floating up front to whisper urgent suggestions to her lawyer Ranjeet Sangle as retired cop and prosecution witness Dinesh Kadam gave her a long look. Vaihayasi Pande Daniel returns to cover the Sheena Bora murder trial after 18 months.
Move will be a setback for India which wants information on black money probe based on leaked data
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.
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.
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.
A new framework has been put in place for automatic exchange of information between Switzerland and India to help check the black money menace with effect from January 1, 2018. The funds held by Indians through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown. It is now at second-lowest level in 20 years.
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
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.
Naidu also termed the dharna by opposition leaders near the Gandhi statue in Parliament premises as a big tamasha and an insult to the Father of the Nation.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
Prime Minister Manmohan Singh said there is "no instant solution" to bring back blackmoney stashed in foreign banks and that information with government cannot be made public due to treaty obligations.
'Reservation for the private sector is a bad idea.'
The Bharatiya Janata Party on Saturday accused the Congress-led United Progressive Alliance government of "lacking will" to recover the black money stashed in foreign banks.
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
Senior Bharatiya Janata Party leader L K Advani on Sunday said the issue of bringing back Indian black money illegally stashed away abroad would figure prominently during his anti- corruption 'Jan Chetna Yatra' across the country.
The Centre set up a political tug of war with opposition parties which have planned to observe it as a 'black day'
Describing the government's White Paper on black money as "disappointing" and a "non-paper", the Bharatiya Janata Party said on Monday it is "like a bikini" as it hides the essentials and reveals only the less significant details.
The 68th Grammy Awards began at the Crypto.com Arena in Los Angeles.
As the debate rages over black money, industrialist and Rajya Sabha MP Rahul Bajaj on Friday said that the government should file cases of tax fraud against the suspected, instead of blaming Switzerland for refusing to share details about Indians, who have stashed money there.
The UPA government has been facing a lot of flak for not doing enough to unearth the black money kept by Indians in banks abroad. Sheela Bhatt reports.
As India and Switzerland prepare to renegotiate the Double Taxation Avoidance Agreement, the Swiss government said it was confident that the pact would be finalised by next year.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
Kejriwal had alleged Mukesh Ambani, Anil Ambani, Naresh Goyal and some members of Dabur Group's Burman family had secret accounts in HSBC.
The government on Wednesday came under a blistering attack in Rajya Sabha on the issue of black money, with Congress asking it to apologise before people for 'selling lies' or else fulfill the poll promise made to them.
'In three years, you will have an AI model that will be smarter than the smartest mathematician or the smartest scientist.'
These entities have facilitated illicit transactions worth thousands of crores of rupees over the past 2-3 years
'Sunny sir was very different from what we imagined -- calm, shy, and soft-spoken. He didn't talk much, just smiled gently.'
The Centre on Friday approached the Supreme Court seeking review and recall of its order for setting up a Special Investigation Team comprising its retired judges to take over the probe of all black money cases, including that of Pune stud farm owner Hassan Ali Khan.
According to the latest shareholding pattern of Dabur, Pradip Burman, who is part of the promoter group, holds 0.02 per cent stake in the company.
Distinguished lawyer Anil Divan who is arguing the case related to black money stashed overseas discusses the legal details of the case and is optimistic that the illicit wealth can be brought back to India.
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