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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.
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.
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
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.
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.
In an online chat with readers, Investment Advisor Harsh Roongta answered their queries on the ban on Rs 500 and Rs 1000 notes.
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.'
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.
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).
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.
Says one of the problems in addressing the issue of black money is that India's tax system is perceived as being arbitrary
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India has a double-taxation avoidance pact with Singapore and more than 85 countries.
Those availing the one-time 'compliance window' would be required to pay a tax of 30 per cent and a penalty of a similar amount.
Union Finance Minister Pranab Mukherjee on Sunday said treaties had been signed with a total 37 countries to know the details of money stashed abroad by Indians.
The illicit financial inflow of $770 billion was 14 per cent of India's total trade of $5,500,744 million, the report said.
Modi also asked banks to become socially more responsible
Black money to the tune of "Rs 1.25 lakh crore" has been confiscated by the Modi government, Union Minister Ashwini Vaishnaw said on Monday and asserted transparency is a key aspect of the present dispensation's good governance model. The minister for railways said similarly, to ensure transparency, benami properties worth Rs 4,300 crore were attached and registration of 1.75 lakh companies cancelled. Talking to reporters at the Rail Bhawan, Vaishnaw said in his long public service, Prime Minister Narendra Modi has "perfected a model of good governance that started in Gujarat".
The true lesson of the White Paper should be that there are no quick fixes for what has been a major scourge of the Indian economy for several decades.
Referring to demonetisation of high value currency notes, Jaitley said it was well received as 'imandari ka utsav.'
Rejecting the contention of the Directorate that it has been exempted from making disclosures under the Right to Information Act, the Commission has held all such matters now investigated by the Enforcement Directorate come within the definition of allegations of corruption and, hence, should be disclosed.
The Congress on Tuesday reiterated that the United Progressive Alliance government has taken firm steps to bring back black money stashed abroad in the last three years, and criticized leaders of the National Democratic Alliance for lending support to yoga guru Baba Ramdev's agitation.
The Supreme Court has not only exposed the BJP government's intentions, it has also questioned the government's credibility, which is a serious blow, says Sheela Bhatt/Rediff.com
The Income Tax department will start sending SMS/emails to about 25,000 individuals, who are part of the "high-risk" cases identified for non-disclosure of foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26, sources said.
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
Finance Minister P Chidambaram on Wednesday said the new banking cash transaction tax imposed this year has started yielding results by helping authorities keep a track on black money.
It follows a similar deal agreed earlier this month between Germany and the Swiss authorities.
Rashtriya Janata Dal chief Lalu Prasad on Tuesday said the government should disclose names of all Indians who have stashed black money in foreign banks and demanded that these money be brought back to the country and 'redistributed' among the poor.
Noted jurist and Bharatiya Janata Party member of parliament Ram Jethmalani on Friday slammed the ruling United Progressive Alliance government as "shameless" for remaining in office even after the Supreme Court's criticism of it for the "laggardly pace" of probe into the issue of black money stashed abroad in tax havens.
Jethmalani said that the BJP-led government at the Centre should take no step without obtaining the consent of the SIT which has been set up to probe the matter.
As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.
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