The Department refused to allow transfer of the plant till the dues claimed by the department are not remitted by the company.
The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
Replying to a question in Rajya Sabha, Minister of State for Finance Nirmala Sitharaman said the drive against tax evasion is an ongoing process and the government has taken various steps under a multi-pronged strategy to deal with the issue of black money.
As real estate is about a tenth of the Indian economy, the extent of black money floating around in the sector is huge.
TMFs invest in a public index, so investors know beforehand which instruments the fund will invest in.
The income tax department is asked to keep names of blackmoney holders under wraps.
This is perhaps for the first time the CBI raided a serving police chief of a state.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
