The probe is expected to take about three months.
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
The agency's probe till now found that huge monies were transferred through RTGS transfers to some shell companies including a case where the director of such a firm was a petty labourer
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
While the US-Iran conflict leading to a spike in global oil prices and trade war between the US and the EU topped the chart with 25 per cent, other major risks to the global economy include coronavirus, debt burdens causing a recess across emerging markets and Hong Kong protests causing an exodus from Asia's biggest financial centre.
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.
A US special envoy met senior Taliban representatives in Tashkent, Uzbekistan, and discussed the issue of Afghan central bank reserves.
The agency has booked Sisodia, a 1992-batch IRS officer Sukesh Kumar Jain who was then secretary of vigilance, retired CISF DIG Rakesh Kumar Sinha who was working as special advisor to Chief Minister Arvind Kejriwal and joint director in the Feedback Unit, they said.
rediffGURU Krishna Kumar, founder and CEO of GoMoTech, offers expert advice on how to scale up in your career and life.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
The poll-panel called these seizures by its various field and technical enforcement teams a "historic milestone" achieved "for the first time in any assembly electoral process", meaning during simultaneously-held assembly polls.
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 income-tax department has created various functionalities under its Project Insight, which will provide the 360-degree profile of taxpayers, including new and non-filers to gauge their accountability and tax liability. The tax department had on March 15 put out instructions for tax officials for accessing the insight.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
The intelligence wing of Central Board of Excise and Customs has 532 officers and staff, he said, adding, the staff strength of DRI will double when cadre review is completely rolled out.
Deveshwar wondered whether the countries FUNDING the anti-smoking NGOs had pictorial warnings.
Organizations operating in multiple geographies, legal environments and cultures face a complex set of challenges and risks as they develop their business.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
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.
There is no doubt that competition is increasing the world over, but there are cities that are more competitive than others.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
The cards should be issued strictly for use in India and transactions settled in Indian rupee.
The plunging global economy is an even bigger threat to the United States' national security than the al Qaeda terrorist network or proliferation of weapons of mass destruction, according to America's new intelligence czar.Traditionally, US intelligence chiefs always preface their opening remarks with either terrorist or nuclear proliferation threats, but DenisBlair's first sentences in his testimony before the US Senate Select Committee on Intelligence was about the economy.
Some videos of the incident surfaced on social media showing the fire with intermittent explosions taking place at the site and people running to save themselves.
Financial planner Gaurav Mashruwala helps a young Get Ahead reader get financially set for the future.
The Income Tax department has sent a detailed questionnaire to about 50 individuals and entities figuring in the list of those allegedly holding offshore assets in tax havens.
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.
'If we have to restrict and fight terrorism, first and foremost, we have to ensure communal harmony in the country.'
As per the worldwide 'cost of living' survey by Economist Intelligence Unit, Mumbai is the second least expensive city globally, while New Delhi is ranked fourth.
Pakistani Taliban's Sindh unit, which had penetrated into various departments of the provincial government, was involved in a foiled terror attack at a Naval dockyard in Karachi in the country's financial capital.
Dominic Martin, who had surrendered to police claiming responsibility for the blasts at a Christian prayer meet three days ago, was described as a 'brilliant mind' by investigating officers.
"On space, we will be able to announce that India is signing the Artemis Accords, which advance a common vision for space exploration for the benefit of all humankind," a senior administration official said hours before the meeting between Prime Minister Narendra Modi and President Joe Biden in the Oval Office.
China and India are Asia's top two targets for merger and acquisitions in the financial services space.
India ranks number one among all countries in respect of both the inflow and outflow of expatriate executives, according to a survey of global firms conducted by leading financial journal The Economist.
What can be the easiest and best way to know a company inside out? Those saying 'befriending the company's Chief Executive Officer' might be in for a shock as a survey has found that most CEOs are in the dark about the health of their companies.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
Axis Bank dismisses 24 staffers, suspends 50 accounts after I-T raids
