Page 2 - Black Money

The many ways in which e-RUPI could alter the country's economic landscape

e-RUPI: The mechanism could eliminate dual pricing and target the black economy, while taking the nation one step forward towards establishing its own digital currency

20 held, BJP leaders quizzed in Kodakara black money case, says Kerala CM

20 persons have been arrested in connection with Kodakara black money case, in which the Bharatiya Janata Party leaders were also quizzed by the special investigation team, Pinarayi Vijayan informed

Crackdown on tax evaders: I-T notices to holders of foreign assets

Seek action under black money and benami laws for non-disclosure

Public, private sector banks disburse loans worth Rs 1.42 trn under ECLGS

About Rs 1.98-trillion loans have been sanctioned by the banks to MSMEs, Parliament was informed

Special units created in I-T dept for probe into undisclosed foreign assets

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad

SC refuses to hear plea on making laws to confiscate 'benami' properties

The judiciary cannot be asked to take over the roles of the legislature and the executive, the SC said

Plea in SC seeks life imprisonment for offences like bribery, tax evasion

A petition has been filed before the Supreme Court seeking a direction to the Centre to ascertain the feasibility of confiscating black money, benami properties and disproportionate assets. The petition, which is likely to come up for hearing in the coming days, has also sought life imprisonment for offences such as bribery, black money, benami property, tax evasion, money laundering, profiteering, grain hoarding, food adulteration, human and drug trafficking, black marketing and cheating. The petition was filed by Ashwini Kumar Upadhyay in view of corruption watchdog Transparency International placing India at 80 in Corruption Perception Index earlier this year. Due to weak and ineffective anti-corruption laws, India has never been ranked even among top the 50 in the Corruption Perception Index but the Centre has not strengthened the laws to weed-out the menace of corruption, which brazenly offends rule of law as well as right to life, liberty and dignity guaranteed under Articles

Four years on

Even with hindsight, hard to say demonetisation was a success

4 years on, PM Narendra Modi says demonetisation demolished corruption

On November 8, 2016, Modi announced the decision to ban all currency notes of denomination of 500 and 1,000 from midnight

I-T unearths Rs 1,000-cr 'black money' after raids on Chennai IT infra firm

Income Tax department conducted searches against a Chennai-based IT infrastructure group and detected Rs 1,000 crore alleged black money and possible instances of holding of benami assets, CBDT said

PIL in SC to help improve India's ranking on Corruption Perception Index

The plea has also sought a direction to the Law Commission to suggest steps to remove the menace of corruption, black money generation and 'benami' transaction

Modi govt launches sixth tax amnesty despite muted show by earlier schemes

Collection goal of Rs 9.32 trn under Vivad Se Vishwas seems a tall order, given that the most successful scheme so far has yielded just about 3% of that amount

I-T notice in 422 cases involving undisclosed income of Rs 12,600 cr: Govt

The Income Tax department has issued notices under foreign black money law in 422 cases involving undisclosed assets and income of over Rs 12,600 crore till December 2019, Parliament was informed on Tuesday. Minister of State for Finance Anurag Singh Thakur said the Income Tax Department has taken continuous and concerted actions under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act since it came into force on July 1, 2015. "As a result, as on December 31, 2019, notices have been issued in 422 cases under this Act, involving undisclosed foreign assets and income of over Rs 12,600 crore," he said in a written reply to the Rajya Sabha. With regard to deposits made in unreported foreign bank accounts in HSBC cases, so far undisclosed income of more than Rs 8,460 crore has been brought to tax and penalty of more than Rs 1,290 crore levied. About 204 prosecution complaints have been filed. "Sustained investigations conducted in the cases revealed by ...

SIT on black money for capping cash at home to check unaccounted wealth

The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations

CBI books 51 entities for transferring Rs 1,038 cr black money to Hong Kong

The CBI said the entities remitted money in connivance with unidentified officials of three state owned banks -- Bank of India, SBI and Punjab National Bank

Letter to BS: Don't blame cash for all the ills in our financial system

It is common knowledge that large-scale tax evasion in India comes more from large businesses and corporates rather than from private individuals

Switzerland sends notices to Indians for trusts set up in tax havens

Individuals suspected to have moved abroad after evading taxes back in India are being probed too.

The legend of money plants making you rich turns true in Odisha

Officials in Odisha over the weekend unearthed property worth over Rs 1 crore in the possession of a gardener-cum-horticulture extension worker employed by the state government

Demonetisation, 3 years on: Sonia questions PM Modi's 'Tughlaki blunder'

She said the RBI has confirmed that 99.3 per cent of all the devalued Rs 500 and Rs 1,000 currency notes have been re-deposited "with zero windfall gain to speak of".

In 'New' India, bribes are electoral bonds, Rahul takes a jibe at govt

Congress leader Rahul Gandhi on Monday took a swipe at the government over reports that it overruled the RBI to introduce electoral bonds, saying in 'New' India, bribes and illegal commissions are called electoral bonds. The Congress on Monday alleged that the Modi government had overruled the RBI to introduce electoral bonds to enable "black money to enter the BJP coffers" and demanded that the scheme be scrapped immediately. "In 'New' India, bribes & illegal commissions are called Electoral Bonds," Gandhi said in a tweet. Earlier, Congress general secretary Priyanka Gandhi Vadra also attacked the government on the issue, alleging that electoral bonds were "cleared by bypassing RBI" and "dismissing" national security concerns in order to enable black money to enter the BJP coffers.