Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
The Centre told the Supreme Court on Wednesday that almost every country, including India, was grappling with the problem of use of black money in elections and the electoral bonds scheme was a "conscious attempt" to eradicate the menace of "unclean money" in the poll process.
Total amount in these accounts is estimated to be around Rs 1,500-1,600 cr
'The difference between black money in India and the black money out of India is, in India, it is tax evaded money and Indian money outside India is not only tax evaded money, but money which has been taken out of India's capital resources needed for India. So it is not only tax evasion, but treason too.'
Delhi Police have arrested seven individuals, including a former bar singer and an ex-banker, for allegedly posing as CBI officers to conduct fake raids and extort money or valuables in Delhi and Mumbai. The gang reportedly used fake ID cards and notices to intimidate targets.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
"Let people pay, but if they don't pay, go after them"
Beginning its campaign in India, the Global Institutional Investors Forum said that Mauritius was fully supporting India's fight against black money and money laundering and it was 'a clean, transparent jurisdiction of substance.'
Bharatiya Janata Party president Nitin Gadkari on Wednesday launched an attack on the Congress-led United Progressive Alliance government in the Centre for not taking any action against black money stashed away in foreign banks.
India is the latest of several nations to raise the alarm about illicit capital flight. Following high-profile scandals involving Liechtenstein and Switzerland, the Group of 20 nations has demanded greater co-operation in tackling the shadow financial system.
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
His remark comes hours after the government disclosed before the Supreme Court eight more names, including that of Pradip Burman, one of Dabur India promoters, a bullion trader and a Goa miner against whom it has started prosecution for allegedly stashing black money in foreign banks.
The Enforcement Directorate (ED) has summoned Rajkot-based bullion trader Pankaj Lodhiya, whose name figured in the list of black money holders submitted by the government to the Supreme Court, to probe if he was involved in hawala trade.
'We have to pull 80 million workers out of agriculture and go back to where we were in 2014. That itself is going to be a huge task.' 'We have already lost time, and that is a catastrophe impending.''
Indian Grandmaster R Praggnanandhaa secured his first victory at the Sinquefield Cup, defeating Javokhir Sindarov in a 95-move game.
We raid restaurants for cockroaches but never raid the roadside. Public hygiene runs entirely on faith and fumes. Even after so many years of being a free nation, points out Binu Alex.
Might use it to counter Opposition campaign on land issue.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
White Papers, which are issued by the government, lay out the policy or proposed action on topics of current concern.
Amid claims from various quarters that Indians have stashed away thousands of crores in secret bank accounts in Switzerland, the Swiss banks have asserted that any statistics about black money "simply do not exist."
Eminent jurist Ram Jethmalani and others, who have alleged government inaction in bringing back black money stashed in foreign banks, on Friday told the Supreme Court that the Centre was withholding vital documents relating to the case.
Jantri rates act as benchmark for deciding stamp duty rates for registering property deals.
Replying to a poser on black money transactions in the real estate sector, the Prime Minister said stamp duties in the country are a 'big obstacle' to cleaning the mess with regard to transactions in real estate.
A crucial annual general meeting (AGM) of Tata Sons, the primary holding company of the Tata conglomerate, was adjourned due to a lack of quorum, specifically the absence of representatives from the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT). The SRTT is currently under restrictions from the Maharashtra Charities Commissioner, preventing it from making major decisions or holding meetings, which impacted its ability to participate.
A 'trend analysis' has shown that the target base for the special exercise would not be very large.
Stepping up attack on the government on the black money issue, Trinamool Congress MPs on Tuesday blocked the main entrance of Parliament and threatened to derail House proceedings over the matter.
India has joined global efforts to combat global tax evasion.
'In the total of black wealth, only 1% or less than 1% constitute cash.' 'So, even if cash is completely weaned out, it impacts only 1% of the black wealth.'
"Ramdev is fighting against black money. It has my full support. We had been against black money and will continue to do so," Mulayam Singh Yadav said after meeting Ramdev at his residence.
Is this one car with options, or three distinct vehicles? Rajesh Karkera/Rediff.com finds out.
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
Tax rules that could land you in trouble
.jpg)
Enforcement agencies will be empowered to confiscate assets
The Supreme Court on Tuesday said it was more interested in getting the black money stashed abroad back to the country than the disclosure of names of illegal account holders in foreign banks.
How will the government's decision to demonetise Rs 500 and Rs 1,000 notes help curb the creation and flow of black money into the Indian economy?
The Prime Minister said he was glad that the world community took note of this "because this is an issue that does not selectively affect one nation."
Raising the issue of black money stashed away in foreign banks, BJP's Prime Ministerial candidate L K Advani on Wednesday said that if the money is routed back to the country it could be used for development work.
The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations.
