The government, Jaitley said, is committed to detecting and preventing generation of black money
Mallya showed his net worth at Rs 615 crore, mainly in shares and bonds.
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On the Congress accusing BJP of hypocrisy for its failure to disclose names, Jaitley said the Congress got it all wrong because media "completely misreported" the case.
Identity of 427 account holders abroad has been established and 250 of them have admitted to having accounts, Finance Minister Arun Jaitley revealed on Wednesday.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
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A non-compliance with FATCA entails 30 per cent withholding tax on certain US source payments.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
The Centre will disclose the list comprising over 600 names of the black money account holders on Wednesday after the Supreme Court slammed it for "giving a protective umbrella to foreign bank account holders". The court had said that Special Investigation Team will investigate black money and not the government.
Money sent abroad rises sharply in July; maintenance of close relatives, education expenses top the chart
635 declarations of illegal wealth were made in the 3-month compliance window.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court on Wednesday in connection with the probe into alleged black money accounts in HSBC bank in Geneva.
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
The a/c holder will have to mention the date of opening of foreign a/c.
As Bharatiya Janata Party on Tuesday raised a storm over Robert Vadra's land deals, Bahujan Samaj Party and Samajwadi Party, UPA's outside supporters, struck a different note wondering how Congress President Sonia Gandhi could be held responsible for the alleged wrongdoings of her son-in-law.
'What does the nation get out of the CBI's fabulous infrastructure? Very little that is useful.'
he government will allow holders of black money abroad to declare their wealth.
This would be a practical way of bringing a huge sum of money.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
How the Aadhar card would be linked to income tax return is yet not clear
The Bill could be referred to the Parliamentary Committee for scrutiny
The KYC parameters now include declaration of the gross annual income or net worth.
With a common account number, you can use the MF Utilities platform to invest in any fund house's scheme.
FATCA is aimed to strengthen business ties.
Over the last two years, despite an amnesty scheme, only about Rs 2,500 crore of taxes have been recovered.
Assessment of the 427 account holders associated with HSBC list will be completed by March 21, 2015.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
Companies were consulting law firms and consultants to understand the Bill.
FATCA will facilitate flow of financial information between countries.
There are still bumps in the road ahead for Swiss banks.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
Jaitley said, "I welcome this investigation. I think it is a healthy step that these kind of exposes are being made. I have been repeatedly saying that the world is now going to increasingly become more transparent, countries are cooperating with each other and slowly all this information is going to come out as a result of various global initiatives which have been launched."
To combat terror financing, India and the US committed to work together to check illicit money transfers.
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The year 2014 was one of the most challenging years for India. For two consecutive years our GDP growth was sub 5 per cent. Employment generation had declined, the revenue buoyancy was low and the country had become investment starved.
'Given the past record, no one will be prosecuted, especially since the beneficiaries comprise the most powerful people in the country. They will pay a fine and be let off.'
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
Compliance window for those with undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty
Not only is Modi's India not the shining land of dynamism and prosperity that he promised -- though it may be that, for some people, in a few years from now -- but socially it has the positively regressive tendencies that were entirely predictable.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
The Bank of Japan's action has nullified the effects of the end of the US' quantitative easing programme but the dependence of foreign institutional investors remains a concern
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