The government, Jaitley said, is committed to detecting and preventing generation of black money
From bhikshus of Ashokan 3rd century BC and medieval Sufis to Oxfam, Omidyar and Soros now, non-State actors have any real power only when they work in conjunction with a real State, asserts Shekhar Gupta.
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
"Tendulkar's attorney said the cricket player's investment is legitimate and has been declared to tax authorities. Shakira's attorney said the singer declared her companies, which the attorney said do not provide tax advantages. Schiffer's representatives said the supermodel correctly pays her taxes in the UK, where she lives," it notes.
The Enforcement Directorate on Monday seized three offices in a prime location in Mumbai, valued more than Rs 41 crore, as part of a foreign exchange violation probe against a businessman whose name figured in the Panama Papers.
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
Some of the world's biggest banks including HSBC, JPMorgan Chase and Standard Chartered moved trillions of dollars identified as being potentially tied to money laundering or other crimes despite raising concerns about those transactions in filings with US regulators, reports South China Morning Post.
The searchable database built on just a portion of the documents leaked from the Panama law firm Mossack Fonseca reveals more than 360,000 names behind the shell companies.
The ICIJ on its website has now acknowledged the error and removed all data from its website carrying the name of Sharif as the original Panama Papers never contained his name.
Plans to probe into financial details of more than 500 individuals, entities that might have secret offshore accounts at various places abroad
Uruguayan soccer player Diego Forlan on Monday denied evading taxes by hiding money in Swiss accounts with the British bank HSBC Holdings PLC.
Switzerland, UK, Venezuela, US and France are t
The public gained its first access to the Panama Papers records of over 200,000 secret offshore companies when the ICIJ put a searchable database online earlier Monday.
Disgraced FIFA officials, suspended UEFA chief Michel Platini and Barcelona superstar Lionel Messi were amongst the names found on Sunday in leaked documents which reveal offshore financial dealings.
While UBS acted as master client for offshore firms, Sharecorp was a nominee of Indian beneficiaries.
The vice chairman said they have asked agencies like the ED, IT to make an assessment of the list and prepare a report in this regard.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
With a report on Uber by the International Consortium of Investigative Journalists (ICIJ) opening a Pandora's box, the company is in a damage-control mode. Distancing itself from the actions of its management pre-2017, Uber, while acknowledging the "mistakes" of the past, has said that under CEO Dara Khosrowshahi, it "is a different company". "There has been no shortage of reporting on Uber's mistakes prior to 2017.
A random check of the database for India displays about 22 offshore entities, 1,046 officers or individual links, 42 intermediaries and as many as 828 addresses within the country ranging from the tony and posh locations of metropolitan cities like Delhi, Mumbai, Kolkata and Chennai to mofussil locations like that in Haryana's Sirsa, Bihar's Muzaffarpur and Madhya Pradesh's Mandasaur and state capital Bhopal.
The government has questioned two members of Parliament whose names figured among a list of 498 persons with offshore bank accounts in locations like the British Virgin Islands.
Of the 498 entities the International Consortium of Investigative Journalists (ICIJ) offshore leaks database throws up for the search 'India', 184 are based in Mumbai.
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
The documents show that HSBC opened Swiss accounts for international criminals, businessmen, politicians and celebrities, according to the ICIJ.
Special Investigation Team on black money will hold a meeting.
For the remaining projects, it is difficult to arrive at an estimate.
The leaked list contains the name of Union minister Jayant Sinha, who responded by saying that the transactions were not done for any 'personal purpose'.
The entire HSBC list features names of 1,668 Indians
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
HSBC Holdings Plc will shut its private banking business in India, a spokesman said
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."
Herve Falciani, who refused to appear for trial in Switzerland, has been charged of industrial espionage.
The SIT will ask the RBI for transaction details over 15 years
HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
Under pressure to come clean, David Cameron has finally admitted that he profited from shares in a Panama-based offshore firm set up by his late father but sold his stake months before he became Britain's prime minister in 2010.
Switzerland, long known as a place with unbreakable banking secrecy, has come under intense global pressure, including from India, to crack down on illicit fund flows.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
Aam Aadmi Party will impact companies directly connected to Delhi.
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.
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