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 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.
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.
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'.
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 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.
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 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.
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Arun Jaitley declared proposal for a comprehensive law.
The Centre on Friday declined before the Supreme Court to make public names of the people who have stashed black money in foreign banks, saying it is not possible to disclose information received from foreign governments under Double Taxation Avoidance Agreement.
It is suspected that some of these entities may have brought back their illicit wealth through the stock market route.
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The issue of black money dominated in Lok Sabha on Wednesday with the Opposition asking the government to bring back an estimated Rs 25 lakh crore stashed away illegally in foreign banks and reveal the identity of depositors.
Attacking the Bharatiya Janata Party for failing to bring back black money within 100 days of power, All India Congress Committee leader Rahul Gandhi claimed that administration was "an art that required patience and seriousness" and the BJP lacked the abilities.
The Supreme Court on Wednesday expressed displeasure over the government's reluctance in coming forward with full information on the black money stashed by Indians in foreign banks, saying it as a theft of national wealth and amounted to 'plunder' of the nation.
The five-day event, scheduled from July 18 to 22 at Kochi, Kerala, will be attended by Finance Minister Pranab Mukherjee, who will make the opening address on July 19, an official statement said.
The Supreme Court on Thursday slammed the government again over the issue of illicit wealth parked in foreign banks, asking it to file a report on the action taken by it against people and firms that have stashed black money in tax havens abroad.
The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
"If we do surgical strikes (in this area), you can imagine what all will come out," the prime minister said.
The allocation was part of the budget 2014-15 presented by Finance Minister Arun Jaitely on Thursday.
A special task force which would comprise the Financial Intelligence Wing, enforcement directorate, directorate of Revenue Intelligence and the Income Tax department, has been set up for the purpose.
The move is likely to help the government track black money parked by Indians in Belgium - a huge diamond trading hub.
A total of 635 declarants have filed declarations declaring undisclosed foreign assets worth Rs 4,160 crore.
Noted jurist Ram Jethmalani on Tuesday accused in the Supreme Court the National Democratic Alliance government and the previous United Progressive Alliance dispensation of failure to bring back black money stashed abroad and criticised leaders including Prime Minister Narendra Modi, Bharatiya Janata Party President Amit Shah and Finance Minister Arun Jaitley on the issue.
Use cheques, cards to check black money, says Jaitley.
The e-wallet, virtual cards are often used to play online games.
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts.
The order came following an appeal by an RTI applicant who had sought to know the action taken report on the letters written by him to Finance and External Affairs ministries among other public authorities in connection with the illegal wealth stashed abroad.
There were as many as 628 names in the HSBC list.
Online trucking platform BlackBuck co-founder & CEO Rajesh Yabaji on Tuesday said that the company has decided to move out of its current location at Bellandur on Bengaluru's Outer Ring Road (ORR), citing commuting and road infrastructure issues. The ORR, which is one of the IT corridors in the city, often witnesses traffic congestion.
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