black money

Govt. toolbox to deal with transactions arising from Non-cooperative jurisdictions

Under pressure from civil society to take concrete action on black money, the government said that it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. "We have developed a toolbox... We have enabled ourselves to declare tax havens as non-cooperating jurisdiction and countries as… Read More

Tags: black moneyCommittee for Black Money

FM sets up another panel to control Black money transits

Facing flak from civil society for not doing enough to deal with the menace of black money, the government today announced setting up of another panel to suggest ways to trace tax defaulters, reveal their identity to the public and recover taxes. The committee, set up by Central Board of Direct Taxes (CBDT) in the… Read More

Tags: black moneyCommittee for Black Money

A Committe is a group of unfit, made by the unwilling to do the unnecessary

"More studies or committees or new special investigating wing and treaties with foreign governments are only to stall action," said Arun Kumar, the head of the Centre for Economic Studies and Planning in Jawaharlal Nehru University. Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen… Read More

Tags: black moneyCommittee for Black Money

Revelation of Swiss bank accounts – IS INDIA A POOR COUNTRY?

If black money deposits were an Olympics event.... India would have won a gold medal hands down. The second best Russia has 4 times lesser deposit. U.S. is not even there in the counting in top five! India has more money in Swiss banks than all the other countries combined! Recently, due to international pressure,… Read More

Tags: black moneyswiss accounts

Baba Ramdev demands discontinuing Rs. 500 and 1000 currency notes

Amidst demand by Yoga guru Ramdev of banning currency notes of Rs 500 and Rs 1,000, the Reserve Bank today said the decision to demonetise a currency is taken by the government not the regulator. "These decisions (of banning Rs 500 and Rs 1,000 notes) are taken by the government and not the RBI. The… Read More

Tags: baba rramdevblack money

SEBI cautions bourses on money laundering from Iran and North Korea

Sebi has asked stock exchanges in the country to be cautious in dealings with funds and entities from Iran and North Korea fearing possible black money flow and terror financing risks from those countries into the Indian stock market, The country's top bourse NSE's investigation department today said in a circular to the bourse's members… Read More

Tags: black moneymoney laundering

Diamond and Real Estate: Top Sources of Black Money

In a candid disclosure, a top Income Tax official has admitted that the diamond trade and reality sector have one of the highest prevalence of black money, with investigations revealing that books in the sector are "completely manufactured". "(In) certain areas like real estate or diamond trade there is a lot of circulation of black… Read More

Tag: black money

No authentic figures for Black Money in Swiss Accounts – Finmin

Many NGOs and whistleblowers have complained to authorities that Indian money worth several thousands crore was illegally routed to many tax havens and urged government to take strict measures to put a bar on it. Finance Ministry admits  it has "no authentic figures" about the quantum of black money deposited in Swiss banks. It is… Read More

Tags: black moneyswiss accounts

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