Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
The government is planning to comprehensively revise tax treaties with as many as 25 nations, including Switzerland and Mauritius, and re-negotiate with 51 others, to trace black money.
The list includes 1,195 Indians with funds totalling $4.1 billion.
The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from Finance Minister Pranab Mukherjee last week.
West Bengal Chief Minister Mamata Banerjee has accused the BJP-led central government of using the proposed amendment to the women's quota law as a front for the Delimitation Bill, which she claims will divide the country. She asserted that her party will fight this move at every step.
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
Finance ministry has halved the tax rate on foreign dividend from 30 per cent to 15 per cent, but the rebate is allowed only for the financial year 2011-12.
Tehelka magazine said two years ago the German government had passed on the names and bank account details of 18 Indians who had invested their wealth in the LGT bank in Liechtenstein, a well-known tax haven.
Govt to introduce comprehensive law on black money
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The Finance Ministry had set a time period of 18 months, which expired last year on August 21, for completion of the study.
Identity of 427 account holders abroad has been established and 250 of them have admitted to having accounts, Finance Minister Arun Jaitley revealed on Wednesday.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
When Hitesh Harisinghani and Jahnavi Patel hit the streets of Mumbai after Modi's demonitisation announcement, here's what they found.
As probe into suspected black money stashed abroad by Indians gathers steam, banks in Switzerland are running from pillar to post to safeguard their interest.
The cumulative illicit money moving out of India over a ten-year period rose to $439.59 billion
'Shah Rukh Sir gave us a lot of room to make the film we wanted to make.'
The amnesty scheme is a 'practical and pragmatic' approach to bring back the black money stashed abroad, the chairman of Assocham's Legal Affairs Council R K Handoo said on the sidelines of the release of a study on black money in New Delhi on Friday.
With the Union Budget 2026, India's 74th, fast approaching, all eyes are once again on New Delhi's North Block as Finance Minister Nirmala Sitharaman is preparing to table it on February 1, 2026, marking her ninth Budget presentation in a row.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on June 4.
The minister said any declaration made under the law will be protected
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The minister was speaking at a review meeting of Principal Chief Commissioners, Principal Directors General, Chief Commissioners of I-T in New Delhi on Thursday in order to assess the revenue collection target for 2014-15 fiscal.
Government may bring a new law on black money during the ongoing Parliament session.
The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation.
The apex court said its two-judge bench in its July 4 2011 order for setting up of SIT felt that 'no effort was made to bring back the money stashed in foreign banks' which could have been accounted and pumped into the 'mainstream of the Indian economy'.
The government on Tuesday faced the ire of the Supreme Court for opposing formation of a Special Investigating Team to probe the case of black money as the court said it was needed because the agencies involved in the three-year probe have not gone into the source of the money.
The government has stated that it will make all efforts to bring back illicit wealth parked by its citizens in foreign jurisdictions.
Special Investigation Team on black money will hold a meeting.
Karnataka Minister Priyank Kharge and Congress leader B K Hariprasad have raised concerns about the RSS not being a registered organization and questioned the sources of its funding, alleging that this lack of registration allows the RSS to evade government regulations. BJP leaders have defended the RSS, stating that registration is not mandatory for all organizations.
Yoga guru Baba Ramdev on Wednessay said the people would like to see Congress General Secretary Rahul Gandhi as a "permanent" prime minister if he meets the demands for bringing back black money stashed abroad and eradicating corruption.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
Shah claimed that BJP was sensitive to the problems being faced by people queuing up outside the banks and ATMs but said they must realise that the step had hurt 'those sleeping over hoards of black money three thousand times more than the people on the streets'.
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
The government on Thursday insisted in the Lok Sabha that it had never claimed that all the black money stashed abroad would be brought back within 100 days even as the opposition continued to target it over the issue.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
Arun Jaitley declared proposal for a comprehensive law.
The Centre on Friday submitted before the Supreme Court that all the information on black money received from foreign countries, with which India has double taxation avoidance agreement, cannot be disclosed.
Rajya Sabha returns Finance Bill to Lok Sabha; budgetary process over in both Houses, President nod needed now.
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.
