Page 3 - Black Money
India, Switzerland call for greater information exchange in tax matters
The first transmission of financial account information on automatic basis between the two countries took place in September 2019 for enhanced cooperation in the fight against tax evasion
 "India, Switzerland call for greater information exchange in tax matters")
No one came forward to claim a dozen Swiss accounts linked to Indians
The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts
 "No one came forward to claim a dozen Swiss accounts linked to Indians")
Black hole in the economy
the fact that the estimates of the size of the black economy in India varied from 7 per cent to 120 per cent of GDP is a matter of surprise - and some concern
 "Black hole in the economy")
Govt not considering any proposal for gold amnesty scheme: Report
The clarification comes amidst media report indicating the government move to launch amnesty scheme that will allow individuals and entities to declare their unaccounted gold holding
India gets information on Swiss bank accounts, will help trace black money
The AEOI framework provides for exchange of information on active financial accounts and those accounts that were closed during 2018
 "India gets information on Swiss bank accounts, will help trace black money")
Can I-T share overseas black money info with ED? With permission, says CBDT
The field authorities, it added, therefore, required to take all steps to ensure that the information received under tax treaties is not disclosed inappropriately
 "Can I-T share overseas black money info with ED? With permission, says CBDT")
Rs 200-cr foreign assets found in raid against Cong's Kuldeep Bishnoi: CBDT
Bishnoi is a Congress MLA from the Adampur constituency in Haryana; the department has searched 13 premises linked to him in Haryana, Delhi, and Himachal Pradesh
 "Rs 200-cr foreign assets found in raid against Cong's Kuldeep Bishnoi: CBDT")
Is South Korea the new safe haven for Indian Swiss bank account holders?
The South Korean cryptocurrency craze might have induced Indians to shift money from traditional havens
 "Is South Korea the new safe haven for Indian Swiss bank account holders?")
India to get first set of Swiss bank details of Indians in September
The first set in September would be followed by further despatches on a yearly basis, according to Switzerland's Federal Department of Finance
 "India to get first set of Swiss bank details of Indians in September")
FM bowls a googly: Living on the edge with widening black money net
A threat of getting prosecuted under both Income Tax Act and Black Money Act
 "FM bowls a googly: Living on the edge with widening black money net")
Money in Swiss banks: India slips one place to 74th, UK retains top rank
Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five
 "Money in Swiss banks: India slips one place to 74th, UK retains top rank")
Money Indians have in Swiss banks down 6% in 2018, record low in 20 yrs
The total funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end, but came down to nearly one-tenth of that level in about a decade
 "Money Indians have in Swiss banks down 6% in 2018, record low in 20 yrs")
Black money stashed outside India is estimated at $216-490 bn, say studies
MPs' panel: There's huge variation in estimates of black money circulation from 7% to 120% of GDP
 "Black money stashed outside India is estimated at $216-490 bn, say studies")
Indians have between $216-490 bn stashed as black money abroad: 3 studies
Studies conducted by three institutes have found that the sectors where unaccounted income is found to be the highest included real estate, mining and pharmaceuticals
 "Indians have between $216-490 bn stashed as black money abroad: 3 studies")
CBDT issues new norms for compounding of offences under black money law
Compounding means that the authorities agree to not prosecute offenders in return for a consideration
 "CBDT issues new norms for compounding of offences under black money law")
Threads in Swiss dirty money probe: Tinder date, South Asian terror suspect
Switzerland informs India and other countries about suspected illicit wealth parked in its banks, seeking to shed the perception that the country is a safe haven for dirty money.
 "Threads in Swiss dirty money probe: Tinder date, South Asian terror suspect")
Curbing black money: Now, get ready to pay tax on cash transactions at bank
The matter is being discussed and it has been taken up in some of the pre-Budget consultation meetings
 "Curbing black money: Now, get ready to pay tax on cash transactions at bank")
Switzerland steps up sharing banking info; 11 Indians get notices in a day
Switzerland has since March sent at least 25 notices to Indian clients of its banks.
 "Switzerland steps up sharing banking info; 11 Indians get notices in a day")
SC to hear Centre's plea on applicability of black money law today
Centre has challenged the Delhi High Court order staying its notification to allow the 2016 black money law to operate with retrospective effect from July, 2015 to book and probe offenders
 "SC to hear Centre's plea on applicability of black money law today")
Check on black money in polls futile if identity of donors is not known: SC
When the bank issues the electoral bond, does it have details on which bond was issued to 'X' and which bond was issued to 'Y'?, asks Supreme Court Bench
