The ED conducted further searches at 21 locations across India.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
Modi underlined his commitment to taking strict action against the corrupt amid criticism by opposition parties that probe agencies were used by his government to target their leaders.
Expressing concern over instances of 'unwarranted' confiscation of personal devices during raids, the CJI said they highlight the pressing need to strike a balance between investigative imperatives and individual privacy rights.
"The DMK is not worried a wee bit," he said on the ED searches. Such an action by the ED was 'usual, ordinary and a drama' enacted to divert attention.
Devas Multimedia has seized $87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a $1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday. Devas Multimedia America Inc had sought seizure of $145,000 but the actual recovery was $87,457.47 (a little less than Rs 70 lakh). This came after it secured a favourable order from the Eastern District Court of Virginia, Matthew D McGrill said.
The parents of Brazil forward Neymar have denied any wrongdoing after a judge froze 188.8 million reais ($47.6 million) of the player's assets in a tax evasion case.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
The court had, however, rejected ED's request for attachment of the liquor baron's overseas properties
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
The next edition of attachments will be carried out under sections of the Criminal Procedure Code
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
The recent run on the US-based Silicon Valley Bank (SVB) and the subsequent seizure of its assets by the regulators may have sparked a global wave of risk aversion, particularly for start-ups. However, the Indian banking sector is unlikely to be a victim of any contagion effects, said analysts. he bank, which played a big role in financing start-ups and technology players, faced stress after incurring huge losses on its holdings of US bonds, following the most-aggressive monetary tightening cycle by the Federal Reserve in around four decades.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
Indian government bonds, particularly those of shorter maturity, strengthened sharply on Monday, as the collapse of the California-based Silicon Valley Bank (SVB) prompted investors to rush to the safety of American debt, leading to a decline in US bond yields.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
CM Stalin has a procedural problem. Nominating new ministers would entail his having to seek formal permission from governor R N Ravi. Stalin does not want to interact with the person of this governor, as far as possible, predicts N Sathiya Moorthy.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
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The Indian government has paid Cairn Energy Plc Rs 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country's image as an investment destination. The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders. The tax department had used a 2012 legislation, which gave it powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, to seek Rs 10,247 crore in taxes from Cairn.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
Frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group, and the rest are owned by the Modi group.
Setting the tone for his 2024 re-election bid, Prime Minister Narendra Modi on Tuesday called for waging a war against the 'three evils' of corruption, appeasement and dynastic politics, stepped up the OBC outreach with a mega scheme and exuded confidence he would return to address the nation from the Red Fort next year.
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
'India's edtech and start-up story will be in danger.'
The consignment was imported by a trading company registered in Vijaywada in Andhra Pradesh.
Singh was booked under IPC sections 124-A (sedition) and 153-A (promoting enmity between different groups on grounds of religion, race, place of birth, residence, language, etc) of the IPC at Raipur's City Kotwali police station late on Thursday night, Raipur Senior Superintendent of Police (SSP) Ajay Yadav said.
The government is not in favour of bringing in amendments to prevent misuse of Securitisation law, which facilitates banks and financial institutions to speed up recovery of non-performing assets, estimated at about Rs 1,00,000 crore.
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
Finance Minister Nirmala Sitharaman has rebutted Congress leaders Rahul Gandhi and Randeep Singh Surjewala's allegations regarding "wilful defaulters, bad loans and write-offs", and stated that they have "attempted to mislead people in a brazen manner".
The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
A quick computation puts the following value to the seizures.
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
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