Section 54 provides a tax-free method to convert unaccounted money into accounted money, says Harsh Roongta.
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The Finance Ministry had set a time period of 18 months, which expired last year on August 21, for completion of the study.
The seizure of about Rs 40 lakh from two places in poll-bound Uttar Pradesh on Friday took the recovery of unaccounted money to the tune of Rs 27 crore, thereby creating a record of sorts in the run up to the forthcoming state assembly elections
Qatar's sovereign wealth fund is suing Byju Raveendran in Indian courts to recover $235 million from the embattled educational technology (edtech) entrepreneur, escalating a global legal battle that has ensnared one of India's most high-profile startup founders.
A team would soon be visiting Switzerland to hold talks with the Swiss authorities in an effort to unearth unaccounted for money stashed away by Indian nationals, Finance Minister Pranab Mukherjee has said. The government has finalised dates to renegotiate existing treaties with Switzerland and Belgium to broaden the scope for bringing back money parked illegally by Indians in foreign banks.
As part of the probe, the ED has summoned representatives from both companies to appear before its Delhi headquarters on July 21.
Last November, ED conducted searches under the provisions of the PMLA at nine locations in Telangana.
The Allahabad High Court Bar Association has opposed the transfer of Delhi High Court sitting judge Justice Yashwant Varma, from whose official home a huge stash of cash was reportedly discovered. The association said that the Supreme Court's decision to transfer Justice Varma back to the Allahabad High Court was "taken aback".
They said a 'mock poll' would be conducted in the Central Hall of the Samvidhan Sadan at around 2:30 PM on Monday after the briefing on the procedure to vote in the vice presidential polls.
Three institutes entrusted with the task to estimate amount say data collection a hurd#8804 to submit report by December.
The stage is set for a direct contest between NDA nominee C P Radhakrishnan and joint opposition candidate B Sudershan Reddy for the vice-presidential election. The BJP-led alliance has a clear edge in the poll necessitated due to the sudden resignation of Jagdeep Dhankhar.
The stage is set for a direct contest between NDA nominee C P Radhakrishnan and joint opposition candidate B Sudershan Reddy for the September 9 vice-presidential election. Nominations have been scrutinized and accepted.
Finance Minister Pranab Mukherjee will announce the measures the United Progressive Alliance government intends to take to bring back the unaccounted money into the country and tighten the regulatory and tax framework to prevent further illegal outflows.
The govt has framed a five-pronged strategy to fight the menace of tax evasion.
Tax collection at source on purchase, in cash, of bullion or jewellery in excess of Rs 2 lakh is one step announced.
Prime Minister Narendra Modi asked G20 nations to freeze and repatriate unaccounted money hoarded abroad.
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
Might use it to counter Opposition campaign on land issue.
The Central Board of Direct Taxes (CBDT) has signed up the country's three top economic think tanks to arrive at an official figure. This will help the government frame policies to tackle the problem.
The government of India took note about the money kept by the Indian tax eva-ders in Swiss Banks, which is estimated at around $462 billion.
The Enforcement Directorate on Tuesday questioned former Indian cricket team captain and Congress leader Mohammed Azharuddin for over nine hours in a money laundering case linked to alleged financial irregularities in the Hyderabad Cricket Association, official sources said.
The raids were linked to a sophisticated organised investment fraud scheme targeting unsuspecting individuals through fake mobile apps and WhatsApp groups.
To curb the black money problem, Jaitley said that India would be entering into bilateral pacts with Switzerland and other countries for automatic exchange of tax information.
The ED had attached Sai Resort NX, constructed over the land located at Gut no: 446, Murud in Ratnagiri's Dapoli, in January.
Accusing the government of large scale corruption, Opposition parties in the Lok Sabha on Thursday asked it to disclose the names of those who have stashed unaccounted money in foreign banks.
The Supreme Court of India has criticized the Enforcement Directorate (ED) for focusing solely on its own fundamental rights while pursuing a money laundering case related to the Nagrik Apurti Nigam (NAN) scam in Chhattisgarh. The court questioned the agency's attempt to transfer the case to New Delhi, noting that the agency's petition under Article 32 of the Constitution is typically reserved for individuals seeking redressal for fundamental rights violations.
Shiv Sena MP Sanjay Raut routed his unaccounted money through various shell companies opened in the name of his family members and associates, his former aide and prime witness in the money laundering case linked to the redevelopment of Patra 'chawl' project told the Enforcement Directorate (ED).
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
How will the government's decision to demonetise Rs 500 and Rs 1,000 notes help curb the creation and flow of black money into the Indian economy?
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.
HDFC Bank on Sunday said that it will "pursue all lawful remedies" to recover public funds and address the retaliatory actions taken by the Mehta family of the Lilavati Kirtilal Mehta Medical (LKMM) Trust, which has filed a complaint against the bank's managing director (MD) & chief executive officer (CEO) Sashidhar Jagdishan alleging financial fraud.
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
As the raids were completed, the I-T team took two managers of the distillery located at Sutapada to an unknown location for interrogation, they said.
The money is seized when the person concerned fails to furnish any evidence of it being part of the disclosed money.
Last week, the government had introduced the black money Bill.
It has the potential to burnish his image as a strong leader, bring down inflation and could turn out to be common man-friendly.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on June 4.
Finance minister Arun Jaitley had recently sent a delegation to Switzerland and the members had returned with some positive movement.
The CBI and ED are keeping a close eye on several bank accounts.
