The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
All pre-election opinion polls indicate a strong majority for the Opposition Labour Party, forcing the incumbent Sunak-led Conservatives on the back foot to caution voters against handing a "supermajority" to the Keir Starmer-led Labour.
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs 500/1,000 notes that have been demonetised.
The country is biding time to assess the mood of the next Indian government.
Yoga guru Ramdev on Wednesday accused the Centre of not being sincere about bringing back black money stashed abroad, saying unaccounted wealth kept in foreign tax havens was being used to boost terror activities.
Persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes
The last government on March 21, 2011 commissioned the study on estimation of unaccounted income or wealth both inside and outside the country.
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India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in Swiss banks, as the government expands its efforts to combat the menace of black money.
The BJP and Congress are the top two beneficiaries of the electoral bonds, followed by the Trinamool Congress.
Pre-2005 banknotes are being withdrawn from circulation since January 2014 by RBI and a large percentage of these notes have already been withdrawn
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
The Election Commission (EC) had, in 2019, flagged its concerns in the Supreme Court on the changes made in several laws relating to political funding to facilitate the electoral bonds scheme, saying it will have 'serious repercussions' on transparency.
'My suspicion is that most of the bonds were given by companies who had got contracts or who had benefited from policy changes by the government.'
The Election Commission has a fight on its hand as candidates use ingenious methods to smuggle in money to Voters.
The total number of returns filed as on August 5 stands at over 2.82 crore as against over 2.26 crore filed during the corresponding period of 2016-17
Former MLA Ram Dayal Uikey, the BJP nominee from Pali-Tanakhar seat in Korba district, was present in the vehicle when the cash was seized from there, the police official said.
The raids, codenamed "Operation Kuberan", was ordered by Home Minister Ramesh Chennithala in the wake of public outrage at the suicide of five members of a family, allegedly after running into deep debt on account of high-interest loans obtained from a local money lending racket, known as "blade companies" in local parlance.
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
India and Singapore had in 2013 amended the DTAA to help exchange banking and tax-related information more effectively.
The database for 'Non-PAN AIR transactions' has already been disseminated to Principal Chief Commissioners based on the regions.
Since the coming into force of PMLA in 2005, ED has traced and attached laundered assets worth Rs 5,346 crore.
Over the last two years, despite an amnesty scheme, only about Rs 2,500 crore of taxes have been recovered.
As per a notification issued on Wednesday, banks, co-operative banks and post offices will have to report to the tax department cash deposits exceeding Rs 50,000 in a single day or aggregating to more than Rs 2.5 lakh during the period November 9, to December 30, 2016.
Sources said the government was keen to tax all unaccounted money deposited in bank accounts after it allowed the banned currency to be deposited in bank accounts during a 50-day window from November 10 to December 30.
A ban on cash transaction of more than Rs 3 lakh has been proposed in the Budget for 2017-18.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
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.
Many foreign investors have been receiving notices requesting their MAT calculations for financial year 2011-2012.
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.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
She reached the office of the federal probe agency in central Delhi around 11 am and left around 6 pm.
The PM addressing the Indian diaspora in Japan also hinted that there is no "guarantee" that no further steps would be taken after December 30 till when people can deposit the demonetised notes.
The government notified the compliance window under the Act.
The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
The EC has asked all departments to deploy round-the-clock flying squads, quick-response teams, and high-tech machinery to check money inflow. They are also to examine vehicles passing though check-posts, reports Shrimi Choudhary.
