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Black Money

Indians' funds in Swiss banks plunge 70% to hit four-year low of Rs 9,771 crore

Indians' funds in Swiss banks plunge 70% to hit four-year low of Rs 9,771 crore

Thu, Jun 20, 2024

The decline in aggregate funds of Indian clients with Swiss banks for the second consecutive year, after hitting a 14-year-high of CHF 3.83 billion in 2021, was largely driven by a sharp plunge in funds held through bonds, securities and various other financial instruments.

Black money: PIL filed in Delhi HC to order Govt to implement Uniform Banking Code for Foreign Exchange Transactions

Black money: PIL filed in Delhi HC to order Govt to implement Uniform Banking Code for Foreign Exchange Transactions

Tue, Apr 09, 2024

Application for Uniform Banking Code on Foreign Exchange Transactions has been filed to curb black money and benami (unnamed) property.

Warning to Black Marketers: Rohit Kumar Singh Discusses Improvements in Pulses Supply Situation

Warning to Black Marketers: Rohit Kumar Singh Discusses Improvements in Pulses Supply Situation

Thu, Feb 15, 2024

Speculators have been warned, situation regarding supply of pulses is better, there is no possibility of further price increase: Rohit Kumar Singh, Consumer Affairs Secretary.

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Govt issues notices in 140 cases of benami properties worth Rs 200 crore

Govt issues notices in 140 cases of benami properties worth Rs 200 crore

Fri, Mar 24, 2017

In a written reply to Lok Sabha questions, Santosh Kumar Gangwar, Minister of State in the Ministry of Finance on Friday said that the government has issued notices in 140 cases of benami property.

'Countdown' has begun, I-T dept warns blackmoney holders ahead of Mar 31 deadline

'Countdown' has begun, I-T dept warns blackmoney holders ahead of Mar 31 deadline

Fri, Mar 24, 2017

in advertisements issued in leading national dailies, the department said that the "countdown" in this regard has begun and stash holders should declare their black money "or regret later".

Electoral bonds: Governments need to clarify on a few matters urgently

Electoral bonds: Governments need to clarify on a few matters urgently

Wed, Mar 22, 2017

Rucha Ranadive ,Associate Economist, Care Ratings said, "This move is expected to bring in better political funding pattern and transparency in transactions. However, there is a possibility that the identity of the donor will be revealed that won’t serve the purpose and will be similar to direct donation to the party."

Demonetisation Impact: Finova Capital targets to disburse loan worth Rs 100 crore to MSMEs in 2017; plans to recruit 500 people in 2 years

Demonetisation Impact: Finova Capital targets to disburse loan worth Rs 100 crore to MSMEs in 2017; plans to recruit 500 people in 2 years

Thu, Mar 16, 2017

Demonetisation has worked as a blessing in disguise for us as we collect 100% repayment through Automated Clearing House (ACH) mode and not through cash, Finova Capital managing director and chief executive officer, Mohit Sahney told Zeebiz.com.

PMGKY: I-T asks blackmoney holders to make honest declarations

PMGKY: I-T asks blackmoney holders to make honest declarations

Thu, Mar 09, 2017

The I-T department today nudged blackmoney holders to make "honest" disclosures under the tax amnesty scheme -- PMGKY -- warning that non-declaration could attract 77.25 per cent tax and penalty along with prosecution.

Domestic tractor manufacturers to register 16 to 18% sales growth in FY17: Crisil

Domestic tractor manufacturers to register 16 to 18% sales growth in FY17: Crisil

Tue, Mar 07, 2017

Crisil Research on Tuesday said domestic tractor manufacturers are projected to record 16 to 18% growth in sales of tractors for FY17 on account of revival of sales due to good monsoon which offset the impact of demonetisation on demand in the second half of the fiscal.

Benami Act violators to face double whammy of legal action: Income Tax Department

Benami Act violators to face double whammy of legal action: Income Tax Department

Fri, Mar 03, 2017

The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven years and such violators would also stand to be charged under the Income Tax Act (I-T Act).

Rs 70,000 crore black money detected so far: Justice Pasayat

Rs 70,000 crore black money detected so far: Justice Pasayat

Fri, Mar 03, 2017

"One of our proposals, on cash holding of Rs 15 lakh or more to be presumed as undisclosed, is under serious consideration of the central government," Justice Pasayat said, adding that on the SIT's recommendation the government has already declared that cash transaction beyond Rs 3 lakh will be treated as illegal and punishable under law.

HSBC reveals ongoing tax evasion probe in India, US, France, others

HSBC reveals ongoing tax evasion probe in India, US, France, others

Mon, Feb 27, 2017

HSBC bank in its recently released annual report has revealed tax evasion probe carrried against the bank, HSBC Swiss Private Bank and other HSBC companies in US, France, Belgium, Argentina and India.

Digital payment can check black money, graft: Modi

Digital payment can check black money, graft: Modi

Sun, Feb 26, 2017

Digital payment can check black money and play a key role in fighting graft, Prime Minister Narendra Modi said today as he asked the youth to become an "anti-corruption cadre" as part of the "cleanliness" drive.

Cash source of black money generation: Piyush Goyal

Cash source of black money generation: Piyush Goyal

Sat, Feb 25, 2017

Declaring that he felt disappointed about the happenings in the chartered accountant profession that he himself was earlier part of, Goyal reminded the gathering about what Finance Minister Arun Jaitley had said on the aim of demonetisation.

India's GDP growth is likely to be 5.8% in third quarter of FY17, says SBI

India's GDP growth is likely to be 5.8% in third quarter of FY17, says SBI

Wed, Feb 22, 2017

SBI's chief economic adviser Dr Soumya Kanti Ghosh in its Ecowrap report has said India's GDP will be at 5.8% in the third quarter (Q3) and will recover to 6.4% in the fourth quarter (Q4) of FY17.

New Rs 1000 notes are coming; launch date unclear

New Rs 1000 notes are coming; launch date unclear

Tue, Feb 21, 2017

The government will soon announce new notes of Rs 1,000 denomination but the specific dates for its launch is unclear.

DIA authorised to get blackmoney-related details from FIU

DIA authorised to get blackmoney-related details from FIU

Sun, Feb 19, 2017

The move is aimed at arming the DIA with necessary details to act against terror funding and hawala transactions, mainly in Jammu and Kashmir and in the North Eastern states of the country, officials said today.

HSBC, UBS stop issuing P-Notes as India steps up clampdown

HSBC, UBS stop issuing P-Notes as India steps up clampdown

Sun, Feb 19, 2017

Sebi has shared with the government for further action a list of foreign fund houses that are found to have issued the Offshore Derivative Instruments (ODIs), popularly known as Participatory Notes (P-Notes), to Indian nationals, while probe is on in several other suspected cases of NRIs/PIOs.

Demonetisation unnecessarily demonised: Aditya Puri

Demonetisation unnecessarily demonised: Aditya Puri

Sat, Feb 18, 2017

"He (Prime Minister Modi) has created transparency and traceability. He has changed the mindset (in such a way that) everybody is going to think twice about going back to their old ways and from what I understand, the conversion to digital has occurred at a pace much faster," Mahindra said at the annual NILF here.

Note ban can't alone curb black money accumulation: Rangarajan

Note ban can't alone curb black money accumulation: Rangarajan

Sat, Feb 18, 2017

"All this will have an immediate effect on the economy which will be adverse. The long term gains are in terms of reduction in the proportion of pure cash transactions, and a shift to digital mode of payment leading to recording of all transactions and thereby helping to widen tax net," Rangarajan said.

Demonetisation idea itself is wrong, don't blame execution, says Rajiv Bajaj

Demonetisation idea itself is wrong, don't blame execution, says Rajiv Bajaj

Fri, Feb 17, 2017

Bajaj Auto's MD Rajiv Bajaj has recently said that the government's deomonetisation idea itself is wrong and its execution should not be blamed.

Demonetisation 'biggest scam of 2016': Chidambaram

Demonetisation 'biggest scam of 2016': Chidambaram

Sun, Feb 12, 2017

"I am sorry to make the prediction that 2016-17 will end with growth (rate) between 6 and 6.5 per cent, a good one per cent down from the earlier estimate and that means a hit of Rs 1.5 lakh crore on GDP. The GDP this year is Rs 150 lakh crore, so one per cent hit is Rs 1.5 lakh crore," Chidambaram said at a function here today.

RBI to declare ''verified'' figure on post-demonetisation deposits

RBI to declare ''verified'' figure on post-demonetisation deposits

Sat, Feb 11, 2017

"There are tens of thousands of bank branches and 4,000 currency chests. We need to be careful and try that this is a number which is not a mere estimate but a verified number both physically and in the accounting sense," Patel added when asked about the estimated amount of old currency notes that have come back.

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