Arun Jaitley has promised a compliance window under the new black money law for persons with overseas funds to come clean.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
Manish Sabharwal tackles 5 criticisms of demonetisation.
The minister further said that he received a reply on his letter from his Swiss counterpart and will send India's response in the next few days.
The government on Friday announced some concessions for mutual fund industry and income tax payers, while comitting to low tax regime to promote industrial activity to generate jobs and create more resources to undertake social welfare activities.
'I think investors see a lot of positives happening in India now.'
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
It is said that in Chennai, fans do not watch cricket -- they analyse and debate it and even outthink the experts. Cricket here is savoured like their favourite dish -- a hot bowl of rasam.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
Professor R Vaidyanathan, who has written extensively on the issue of black money stashed abroad, tells Rediff.com's Vicky Nanjappa that it's very important for Arvind Kejriwal to reveal his source of information on his latest anti-graft expose.
The Budget has proposed a Benami Transactions (Prohibition) Bill.
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
The issue of black money created uproar in Lok Sabha on the first working day of Winter session with Opposition asking the government to fulfil its promise of bringing it back from abroad.
The V-Class will be locally produced at the Mercedes facility in Chakan, near Pune, making it the second product, after the Mercedes-Maybach GLS, to begin local production.
The I-T department has also filed 77 prosecution cases.
The Financial Intelligence Unit will apply a multi-pronged approach in probing black money, counterfeit currency, terror funds and hawala transactions as it believes they are all interlinked, reports Vicky Nanjappa.
A CBTR pertains to transfer of funds through various channels abroad.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
Move will be a setback for India which wants information on black money probe based on leaked data
The government on Monday disclosed before the Supreme Court eight more names including that of Pradip Burman, one of Dabur India promoters, a bullion trader and Goa miners against whom it has started prosecution for allegedly stashing blackmoney in foreign banks.
In a shocking revelation, WikiLeaks founder Julian Assange said black money mainly comes from India.
Sources said that the capital markets regulator Securities and Exchange Board of India has come across quite a few cases where GDR route could have been used for round-tripping of funds in the name of capital-raising activities of listed companies from abroad.
If the oil infrastructure is attacked by the United States, the whole area could be flooded with oil, spilling into the Persian Gulf.
Bugonia's ending, though not unexpected, is still shocking, reveals Deepa Gahlot.
As his fast entered the second day, yoga guru Ramdev on Friday asked Prime Minister Manmohan Singh to demonstrate "political honesty and political will" in bringing back black money stashed away in foreign shores which can be spent on empowering the people.
However, India's black money loss of $123 billion in 10 years is far less that China, which according to the report suffered a loss of $2.74 trillion during the same period (2001 to 2010), followed by Mexico ($476 billion), Malaysia ($285 billion), Saudi Arabia ($201 billion), Russia ($152 billion), the Philippines ($138 billion) and Nigeria ($ 129 billion).
To curb the black money problem, Jaitley said that India would be entering into bilateral pacts with Switzerland and other countries for automatic exchange of tax information.
In the wake of Congress President Sonia Gandhi's remarks against the Opposition and civil society, Bharatiya Janata Party President Nitin Gadkari said on Monday her charges were baseless and sought to know if the Congress feels yoga guru Ramdev's demand for bringing back black money is anti-national.
A new framework has been put in place for automatic exchange of information between Switzerland and India to help check the black money menace with effect from January 1, 2018. The funds held by Indians through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown. It is now at second-lowest level in 20 years.
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth
Switzerland on Thursday said it would share data of black money allegedly stashed away by Indians in Swiss banks in accordance with the tax treaty between the two countries.
Naidu also termed the dharna by opposition leaders near the Gandhi statue in Parliament premises as a big tamasha and an insult to the Father of the Nation.
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
Prime Minister Manmohan Singh said there is "no instant solution" to bring back blackmoney stashed in foreign banks and that information with government cannot be made public due to treaty obligations.
As government makes effort to bring illicit money stashed abroad, Finance Minister Arun Jaitley on Monday asked the I-T department to focus its effort on unearthing 'quite large' black money within the country as well.
'Reservation for the private sector is a bad idea.'
The Bharatiya Janata Party on Saturday accused the Congress-led United Progressive Alliance government of "lacking will" to recover the black money stashed in foreign banks.
Senior Bharatiya Janata Party leader L K Advani on Sunday said the issue of bringing back Indian black money illegally stashed away abroad would figure prominently during his anti- corruption 'Jan Chetna Yatra' across the country.
The Centre set up a political tug of war with opposition parties which have planned to observe it as a 'black day'
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances