Government will provide a short window of a "few months" to income tax assesses to come clean by declaring their money and assets stashed abroad.
Anyone who has specific and definite information on black money can share it with Supreme Court-appointed Special Investigation Team going into the issue that can crack down on those stashing money abroad and at home.
It has also suggested tax incentives for encouraging use of debit and credit cards as these leave audit trails.
The 90-day compliance window to declare overseas wealth ends on September 30.
With the 40kWh battery and 65kW faster charging, it is now a legitimate primary car for a small family that can handle weekend trips easily, says Rajesh Karkera.
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
Expressing "serious concern" over the generation and circulation of black money, Finance Minister Pranab Mukherjee today said the government has adopted a five-fold strategy to deal with the menace.
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
India could become a fiscal surplus nation if the government manages to bring back at least one-tenth of the estimated Rs 45 lakh crore black money stashed abroad, industry body Ficci said on Monday.
In his massive election rallies, Prime Minister Narendra Modi often caught voters fancy promising that each individual would get Rs 15-20 lakh in his bank account if he came to power.
In further embarrassment for former Chief Justice of India K G Balakrishnan, the Income Tax investigation into allegations of amassment of wealth against three of his relatives, have found black money in their possession
To better track generation of black money in the system, the finance ministry is planning to streamline third-party information provided on high-value transactions.
Black money is because of P Notes, hawala and variety of other reasons.
Yoga guru Baba Ramdev will embark on "a 1,00,000 km long yatra" on Tuesday from Jhansi in Madhya Pradesh "to awaken people about corruption and black money". The yoga guru told reporters there were "two kinds of people in this country, honest and traitors". He claimed that all honest people were with him in his fight against corruption and black money. The aim of the yatra was to awaken people on the issue of "Rs 4,00,000 crore black money stashed in foreign countries,".
The government on Tuesday said it has received information related to black money from Mauritius and was examining it for appropriate action.
Amid the growing chorus against black money and the government's efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration.
Justice BV Nagarathna said she had to dissent against the demonetisation move by the central government as in 2016, when the decision was announced, the Rs 500 and Rs 1,000 notes comprised 86 per cent of the total currency notes in circulation, and 98 per cent of it came back after they were banned.
Switzerland's Ambassador to India Linus von Castelmur also said the past cannot be undone, while promising full support of his country in cases where at least some proof is provided on tax frauds.
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
'It's a changing world and the opening up doesn't mean that concerns with regards to security have gone away.'
On its first day in office, the Union Cabinet headed by Prime Minister Narendra Modi constituted a special investigative team to unearth illicit money, including in the case involving Hasan Ali.
Perhaps never in the history of independent India has one pillar of the Constitution implicitly castigated another pillar -- the executive, in this case -- as heavily as the Supreme Court has done this time.
After assuming office, the Narendra Modi government on Monday constituted a Special Investigative Team to unearth black money.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
IndiGo operator InterGlobe Aviation had a mildly encouraging third quarter in financial year 2026 (Q3FY26).
The SIT will ask the RBI for transaction details over 15 years
In spite of the judges questioning the difficulty in revealing the names of those under the scanner, Solicitor General Gopal Subramanium did not reveal the information.
Apex court also expressed its dismay that the government's probe into the issue of black money was focused only on the case involving Pune stud owner Hasan Ali Khan.
The black money bill got the nod of the Rajya Sabha on Wednesday.
The comments assume significance in view of the charges faced by HSBC
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
In a major boost to measures being taken by India against money laundering and terror financing activities, the Financial Action Task Force (FATF) on Wednesday said the country has substantially addressed the deficiencies in its regulatory framework and has become largely compliant with global standards in this regard.
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.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 4,500 crore) -- the lowest ever since the European nation began making the data public in 1987.
The Central Board of Direct Taxes is set to rationalise I-T rules.
The SIT on black money has widened its probe.
Former apex court judge M B Shah will also be member of the SIT.
'Switzerland is a country which wants to be part of the international mainstream'.
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