Black Money

Rs 1.25 trn black money recovered by govt: Union Minister Ashwini Vaishnaw

'Benami properties worth Rs 4,300 cr have been attached, Rs 1,254 lakh crore black money has been confiscated, 1.75 lakh shell companies have been de-registered'

'Fake currency, terror financing should be tackled', Centre to SC on DeMo

Fake currency, terror financing and black money are three evils and are like 'Jarasandha' (an antagonist in Mahabharat) and should be cut into pieces, the Centre told the Supreme Court on Monday while opposing the pleas challenging the 2016 demonetisation exercise. Attorney General R Venkataramani, appearing for the Centre, submitted before a five-judge Constitution bench headed by Justice S A Nazeer that the government is duty bound to address the three evils. "They (petitioners) have said we should have conducted studies before demonetisation. For more than a decade, central government and the Reserve Bank of India have been looking at the three problems (fake currency, terror financing, black money)... They are like Jarasandha. You have to cut it into pieces. If you don't cut it into pieces, it will always be alive," he said. Venkataramani said judicial review of an economic policy may be restricted to where the court may only determine if there is a rational nexus with the objec

Delhi HC seeks RBI response on implementation of Uniform Banking Code

Court also asks Centre to file a reply in the case in six weeks; next hearing on March 20

Note ban was to counter black money, terror finance, Centre tells SC

'The withdrawal of the legal tender character of the specified bank notes was one of the critical steps in the series of transformational economic policy steps'

I-T dept detects Rs 250 cr 'black' income after Kolkata business group raid

The Income-tax department has detected "unaccounted" income of more than Rs 250 crore after it recently raided a Kolkata-based group engaged in manufacturing of power transmission and distribution equipments apart from few other businesses, the CBDT said Thursday. The searches were launched on August 24 and 28 on the premises of the group, which is also involved in manufacturing of steel pipes and polymer products, in West Bengal and Jharkhand. "Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and a preliminary analysis of seized evidence reveals that several shell (bogus) companies have been utilised by the group to provide accommodation (hawala) entries to its flagship concerns," the Board said in a statement. The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The shell entities have been found to have routed back the unaccounted money in the guise of share capital or unsecure

I-T Dept detects Rs 500-cr black income after raids on two TN groups

In case of one group, it has been found that the payments made for these bogus purchases etc., were being received back in cash by the group, it said.

Limit Section 54 benefit to curb money laundering

Section 54 tax exemption should not be available if the taxpayer already owns two or more properties on the date of sale of property

What are Swiss banks and how do they work?

Switzerland houses a number of banks famous for stashing huge amounts of wealth shielded by the country's age-old secrecy laws. Let's demystify the aura of secrecy around the banks there

Govt took many steps to reduce black money in property deals: Official

As the real estate sector becomes cleaner, Housing and Urban Affairs Secretary Manoj Joshi said more and more women would come to work in this industry

RBI's Digital Rupee will help curb black money menace: Official

'If you buy something from a shopkeeper and pay through digital money and that digital money is used to pay to his vender by shopkeeper, RBI will have all the data,' a finance ministry official said

Record number of searches in FY22 as tax offences get money laundering tint

With three months still to go for the year to end, total 'undisclosed income' is about Rs 32,000 cr, far eclipsing the FY19 level of Rs 18,600 cr

The never-ending love for cash

This acceptance of and active participation in corruption by citizens has been costly

No estimation of black money in foreign accounts in last 5 years: Govt

Bringing back black money stashed abroad was one of the key poll planks of the current government led by BJP, which assumed power in May 2014

IT dept finds Rs 500 cr black income after raids on Jaipur jewellery group

Around fifty premises were searched by the department during the raids launched on November 23

I-T dept says found Rs 400 cr black income at 2 Delhi-NCR realty firms

The unidentified groups engaged in construction of commercial and residential projects were searched on November 17.

Demonetisation to now, black money in housing deals down 80%, says Anarock

In the pre-demonetisation period, new supply outstripped housing sales - whereas, in the post-demonetisation period, housing sales overtook new supply in the top 7 cities

Rs 200-cr black income detected after raids on Pune business group: CBDT

The group was engaged in the manufacturing of heavy machinery

IT dept detects Rs 200-cr black income after raids on dry fruits traders

The Income Tax Department has detected unaccounted income of over Rs 200 crore after it recently raided people engaged in dry fruits trade located in Jammu and Kashmir and Punjab, CBDT said

Pandora papers: A rich man's game, and its most willing participants

As an international consortium of journalists unearths the 'Pandora' list of stashes in tax havens, accountability becomes the call of the day. But what we get instead is hypocrisy, rues T N Ninan

Decoded: Why 'Pandora Papers' leak is crucial from India's perspective

350 Indian names have cropped up in the latest leak