Bharatiya Janata Party leader L K Advani on Saturday questioned the silence of Congress President Sonia Gandhi on black money, corruption and inflation and asked her to speak on these issues.
On Wednesday, the Modi sarkar placed a list of names of 627 Indian account holders in HSBC bank, Geneva in the black money case before the Supreme Court. While on the campaign trail, bringing back black money stashed away in foreign banks was one of the biggest election promises made by Narendra Modi. Rediff.com takes a look at some of the prime minister's tall assurances.
The government notified the compliance window under the Act.
The Income Tax Department has not recommended 'amnesty scheme' to deal with the issue of black money, the government said on Wednesday.
Uttam Ghosh on Narendra Modi's pre-election promise to get back black money stashed in tax havens abroad.
Aiming to intensify government's drive on black money, the PMO has asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
India and OECD -- grouping of mostly industrialised nations -- have agreed to strengthen cooperation in cross border taxation issues, the finance ministry said on Wednesday.
Aiming to "awaken people about corruption and black money", Yoga guru Baba Ramdev on Tuesday started the 1,00,000-km-long Bharat Swambiman Yatra from Jhansi. "My yatra, 2012 Mahasangram, will awaken people in the entire country on the issue of black money and corruption. The Mahasangram, which started from the land of Veerangana Rani Lakshmi Bai, will reach Parliament one day," he said on the first day of the yatra.
The White Paper, which was tabled by Finance Minister Pranab Mukherjee in the Lok Sabha, also did not provide government's estimate of black money, within and outside the country, though it quoted various estimates of other agencies on the issue.
The government's committee on unaccounted ('black') money met on Friday to discuss changes in existing legislation to address the issue.
Finance ministry maintains that all KYC requirements will be followed.
This concession will be available only to those who had not received any intimation.
The Central Board for Direct Taxes on Friday said a black money declarant under the PMGKY scheme will be allowed to file declarations under the stipulated Form 1 by April 10, if tax and penalty is paid by the deadline that ends on March 31 (Friday).
It suggested reforms in the real estate sector.
'Alas, in this scheme there is nothing to stop the black money flows of the future.' 'On the contrary Modi has sown the seeds of more, through the issue of Rs 2,000 notes.' 'But have you heard one politician decrying this aspect of the scheme?' 'They must be secretly rejoicing that while Modi is taking away their past, he has not shut the door on their future,' says banker S Muralidharan.
The 97-page document tabled by Finance Minister Pranab Mukherjee made a strong case for setting up Lokpal and Lokayuktas. Though, there was no was mention of government's estimate of black money within and outside the country, it pitched for courts to expeditiously deal with the offence.
The White Paper, which was tabled by Finance Minister Pranab Mukherjee in the Lok Sabha, also did not provide government's estimate of black money, within and outside the country, though it quoted various estimates of other agencies on the issue.
Following the disclosure of eight names in the black money case by the Centre, senior Janata Dal-United leader and former chief minister of Bihar Nitish Kumar questioned the Bharatiya Janata Party-led government's action on Monday and launched a scathing attack on the government.
As real estate is about a tenth of the Indian economy, the extent of black money floating around in the sector is huge.
New CII President B Muthuraman on Wednesday said an amnesty scheme for unearthing black money is feasible provided the government gives a strong message that those not declaring this type of funds will go to jail.
The President, while addressing the concluding ceremony of celebrations for 150 years of the Income Tax Department, also made a strong case for tightening laws to book tax evaders.
Claiming that black money to the tune of Rs 500 lakh crore (Rs 500 trillion) was stashed by Indians in foreign banks, yoga guru Baba Ramdev has advocated for bringing that money back home.
In a rather candid disclosure, a top Income Tax official has admitted that the diamond trade has one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured".
Black money can take the form of a high-end property in Southeast Asia, a cruise ship floating on the Mediterranean or blue-chip shares held via an offshore fund manager.
The UPA government, under severe pressure from the Supreme Court and the Opposition parties over the issue of billions of dollars of Indian wealth parked in tax havens, on Thursday assured the Apex Court that it will make public the names of persons who have stashed money in foreign banks, after a case is registered against them.
After the government toed the UPA government's line in the Supreme Court, Finance Minister Arun Jaitley on Friday blamed the agreement entered into by the Congress government with Germany in 1995 as a constraining factor in disclosing details of black money stashed abroad.
However, an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her
Union Finance Minister Pranab Mukherjee said on Tuesday that there are no reliable estimates of black money generated by Indians within and outside the country, but it is estimated at being between Rs 500 billion and Rs 1,400 billion.
Last week, the government had introduced the black money Bill.
The apex court, however, turned down the plea of the petitioner and senior advocate Ram Jethmalani, for allowing him to go through the contents of the report.
India sked to provide name of the bank and other specific details.
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
Hence, the claims by the Government that this will end the menace of black money and corruption are simply outlandish. Also, the simultaneous introduction of Rs 2,000 note undermines their claim and it simply does not fit the storyline of an attack on black money and corruption.
he government will allow holders of black money abroad to declare their wealth.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted in the Supreme Court, on Monday said she needs to study the government's affidavit before commenting on the issue.
Yoga guru Ramdev on Wednesday accused the Centre of not being sincere about bringing back black money stashed abroad, saying unaccounted wealth kept in foreign tax havens was being used to boost terror activities.
Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 7,000 crore) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in the country's banks.
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