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.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
The Bharatiya Janata Party has claimed that the 'Rs 70 lakh crore' black money stashed in foreign banks is a bigger scandal than the 2G spectrum scam and asked the Centre to take steps to bring back the amount. "The money stashed in foreign banks and tax havens by India's dishonest people should be brought back to the country. This scandal is 200 times bigger than the 2G scam," said BJP vice-president Shanta Kumar.
Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19.
In all, 14 unions representing bank employees and officers will be supporting the day-long stir.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
While the government has infused huge capital into PSBs, the same has largely been used to mitigate losses and has failed to contribute meaningfully to credit growth.
Sena also took a dig at the prime minister over his frequent foreign trips, saying he has to first decide if his residence was within the country or outside.
Former Union law minister Ram Jethmalani on Thursday demanded setting up of a special investigation team to probe unaccounted money of Indians, estimated to the tune of $1500 billion, lying in Swiss and other foreign banks.
Former Dabur director gave sketchy details of investors and his employer after two years of tax summons.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
It is unlikely Brigadier Raja Rizwan was working for RA&W, notes Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
Apart from INX Media and Aircel-Maxis, the four other firms which are under the scanner are Diageo Scotland, Essar Steel, Katara Holdings and Elforge Ltd. These firms were granted FIPB approval when Chidambaram was the FM, reports Shrimi Choudhary.
According to the latest shareholding pattern of Dabur, Pradip Burman, who is part of the promoter group, holds 0.02 per cent stake in the company.
A case was registered against Burman under the Income Tax Act for the offences relating to concealment of income and tax evasion.
Eminent jurist Ram Jethmalani and others, who have alleged government inaction in bringing back black money stashed in foreign banks, on Friday told the Supreme Court that the Centre was withholding vital documents relating to the case.
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
India has called for implementation of the automatic exchange of tax info.
RBI declines to accede to plea, upheld by Padmanabhan panel, for priority sector tag; feels move would dilute claims of those needing it more.
Issue tied in with review of foreign bank operations in India. RBI had earlier proposed to defer the review, which is meant to provide guidelines for the presence of foreign banks in India from April 2009 onwards, given the current economic meltdown globally and in the domestic markets.
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
The Supreme Court on Wednesday decided to hear on May 4 the petition filed by former law minister and advocate Ram Jethmalani and others seeking a direction to the government for taking action to bring back money stashed in foreign banks.
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in the country's banks.
Raising the issue of black money stashed away in foreign banks, BJP's Prime Ministerial candidate L K Advani on Wednesday said that if the money is routed back to the country it could be used for development work.
With private and foreign banks scaling down their lending activity and equity and overseas sources of capital drying up, the total flow of resources to the commercial sector has dropped by nearly 20 per cent till the end of February.
A special task force which would comprise the Financial Intelligence Wing, enforcement directorate, directorate of Revenue Intelligence and the Income Tax department, has been set up for the purpose.
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.
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
With foreign banks registering a paltry 4 per cent growth in credit advances for the financial year up to March 27, 2009 and private sector banks not doing much better at 10.9 per cent, the extent of credit slowdown is marked in these banks.
This follows an investigation into alleged violations of foreign exchange rules involving foreign direct investment of Rs 85 crore and Rs 140 crore by JP Morgan India and Amrapali Group firms.
He raised the issue while mocking at the excavation being conducted by the Archaeological Survey of India in Unnao in Uttar Pradesh after a saint said he had dreamt about 1000 tonnes of gold being underneath at a place there.
All India Bank Employees' Association (AIBEA) has announced a list of top 50 loan defaulters, mainly the corporate firms, whose total default amount to the banks is allegedly to be around Rs 40,528 crore.
India imports 1.2 billion barrels of oil, and oil prices are falling, falling...
The RBI had raised the issue with thegovernment, stating that foreign banks buying majority stakes in non-deposit-taking NBFCs (NBFC-ND) would provide room for regulatory arbitrage.
They face two key challenges - manpower and capital. Sadly, these are not on the agenda for reform
RBI has already come out with a discussion paper on banking sector in India, on which the regulator has invited comments from stakeholders.
Although dealing rooms were operational, apart from some big banks, most refrained from trading as there were no retail flow
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