Housing prices could drop by up to 30% over 6 to 12 months after demonetisation.
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
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.
Chatterjee, who was the state education minister when the scam took place, was arrested after around 26 hours of grilling in connection with the probe.
The PFI is alleged to have been continuously involved in anti-government propaganda and spreading the narrative that Muslims were being persecuted in India.
As people wait in long queues outside banks, they appear happy that the ban on Rs 500 and Rs 1,000 notes will unearth black money and root out corruption.
Political funding of elections has led to the rise in black money in the economy.
In its verdict last month, the top court directed the SBI to furnish the details to the Election Commission (EC) by March 6.
The Income Tax Department has detected "concealment of income" to the tune of Rs 17 crore after recent raids on institutions linked to former Maharashtra home minister Anil Deshmukh and his family members, official sources claimed on Monday.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
India's oldest stock exchange has created weekly, monthly, quarterly and annual price bands
He said this in Parliament rebutting reports last month, which quoted the Swiss National Bank, the country's central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017.
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
"You cannot play hide and seek with the court," Justice Suresh Kait said.
Teary-eyed Congress leader D K Shivakumar on Saturday briefly belied the combative force he is for the Congress party, not just in the just concluded 2023 assembly polls, but on several crucial occasions in the past when his party needed him.
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.
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
Investigations against black money holders in Swiss bank accounts, known as the HSBC list, have been put on a fast-track as the CBDT has asked tax sleuths to quickly gather all foreign-based evidences in these cases and render final action by March-end.
The income-tax department on Thursday nudged black money holders to make "honest" disclosures under the tax amnesty scheme -- Pradhan Mantri Garib Kalyan Yojana -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.
It was reported that the new amnesty scheme would allow gold hoarders a chance to come clean on investment made using black money by declaring their possession and paying tax on it.
I-T heat on thousands of firms for unusual cash deposits.
The 90-day compliance window to declare overseas wealth ends on September 30.
The maximum fall on total market valuation will be in Mumbai (Rs 2,00,330 crore) followed by Bangalore (Rs 99,983 crore) and Gurgaon (Rs 79,059 crore).
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
The agency has also summoned Rajasthan Chief Minister Ashok Gehlot's son Vaibhav Gehlot for questioning in a case related to alleged contravention of the foreign exchange law, official sources said on Thursday.
The Rashtriya Janata Dal leader, who is currently away in Delhi, also said the Bharatiya Janata Party will be left embarrassed if he made public the panchnama (seizure list) signed after the raids.
An estimated Rs 39 crore in cash and over 1.67 lakh litres of illicit liquor has been seized by Election Commission-appointed teams in the Bihar assembly elections till now.
Clearly, rich Indians have little confidence in India. Perhaps we are also chronically dishonest.
The cumulative illicit money moving out of India over a ten-year period rose to $439.59 billion
Demonetisation was aimed at removing black money and corruption, but undisclosed income keeps being unearthed from various parts of the country.
Today, the single most popular route of laundering is the stock market platform, notes Debashis Basu.
The RBI governor believes corruption ca be fought by streamlining the system.
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
The biggest-ever seizure of cash in new currency grew to over Rs 5 crore on Friday even as the Income Tax department said it detected unaccounted income worth Rs 152 crore after it conducted searches in a dozen premises in Bengaluru and other locations.
In areas bordering Bangladesh, some have received strikingly high deposits in Jan Dhan accounts, said sources.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
