Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters to around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said.
The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
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.
Deveshwar wondered whether the countries FUNDING the anti-smoking NGOs had pictorial warnings.
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.
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
The SIT on black money on Tuesday sought update from multiple probe agencies on the role of Lalit Modi in alleged financial irregularities in the T-20 cricket tournament.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
RBI has cited "legal impediments" in sharing the reports.
Sebi has also been asked to put in place a mechanism to monitor the beneficial owner of P-notes
State-run Bank of Baroda and Oriental Bank of Commerce are among those facing scrutiny.
The government in Budget 2017 has already mandated seeding of Aadhaar number with Permanent Account Number to avoid individuals using multiple PANs to evade taxes.
The Central Economic Intelligence Bureau, lead agency under Finance Ministry to gather and disseminate intelligence related to financial crimes, has traced illegal flow of money through Private Placement Programme, which involves offering of securities to select individuals or groups, upto 50 in numbers, official sources said.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
The Parthasarathy Shome committee gives its second reform report to finance ministry.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
Jaitley said, "I welcome this investigation. I think it is a healthy step that these kind of exposes are being made. I have been repeatedly saying that the world is now going to increasingly become more transparent, countries are cooperating with each other and slowly all this information is going to come out as a result of various global initiatives which have been launched."
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
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