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.
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.
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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.
Govt to introduce comprehensive law on black money
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.
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.
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.
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.
The cumulative illicit money moving out of India over a ten-year period rose to $439.59 billion
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.
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
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'.
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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.
The government has stated that it will make all efforts to bring back illicit wealth parked by its citizens in foreign jurisdictions.
Before Shabana Azmi tries to outrival herself in the Batwara 1947 and Awarapan 2 clash, we look at other Bollywood stars whose films released on the same day.
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.
Special Investigation Team on black money will hold a meeting.
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.
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.
Switzerland has come under international pressure, including from India, amid concerns that black money is stashed in Swiss banks.
'Whatever is happening is wrong. Why is the government sleeping? This is wrong.'
VinFast has gone from an unknown brand to India's fifth-largest EV carmaker in just seven months, but its toughest battle is only beginning.
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'.
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.
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.
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.
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.
Mumbai has spent four centuries building folklore around its monsoon: The potholes, the delayed trains, the office debates about whether it will 'break' this week or next. It turns out the rain was always a market. Nobody had built the exchange for it until now!
It is suspected that some of these entities may have brought back their illicit wealth through the stock market route.
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.
Indian companies LTM and Mastek announced new international partnerships for cloud, AI, and digital transformation. Jio BlackRock AMC launched a new hybrid fund. NMIMS partnered with Coursera for AI-enabled learning, and MakeMyTrip Foundation rebuilt a flood-damaged school in Manali.
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 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.
