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Tag: bLACK MONEY

Indian Money in Swiss Banks Fell 80% in Modi’s 4 Yrs

[New Delhi]Indian Money in Swiss Banks Fell 80% in Modi’s 4 Yrs
Indian deposits in Swiss banks fell by 34.5 per cent in 2017 and by 80% since the Narendra Modi government came to power in 2014, Finance Minister Piyush Goyal said today, citing data from the global body of central banks, the Bank for International Settlements (BIS).
He said this in Parliament rebutting last month’s reports, which quoted the Swiss National Bank, the country’s central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017.
He told Rajya Sabha during question hour that he discussed the issue with Swiss authorities, who told him in a written reply that media reports “have not taken account of the way the (SNB) figures have to be interpreted”.
Last month, PTI had reported SNB data that the money parked by Indians in Swiss banks rose to CHF 1.01 billion (Rs. 7,000 crore) in 2017 after falling for three consecutive years.
However, his reply did not satisfy Trinamool Congress members who stormed into the Well of the House demanding that black money stashed in Swiss banks be brought back, forcing Chairman M Venkaiah Naidu to adjourn the proceedings for about 90 minutes.

Oh ho! Rs 30 Lakh Recovered From “Maharaja”Tailor In Chandigarh

[Chandigarh]Oh ho! Rs 30 Lakh Recovered From Tailor In Chandigarh
The Enforcement Directorate has recovered Rs 30 lakh cash and 2.5 kg gold from the premises of a prominent tailor
ED officials has also recovered Rs 2.19 crore cash from a cloth merchant
Acting on tip off, the sleuths of ED swooped down on the premises of Maharaja Tailor in Mohali (Punjab) and at sector 22 in Chandigarh.
The seizure included Rs 18 lakh in Rs 2,000 denomination and while the rest was in Rs 100 and 50 denominations,
Meanwhile, the Chandigarh Police had arrested a senior bank employee of a private bank in Mohali for allegedly providing new currency to cloth merchant Inderpal Mahajan on commission basis.
ED had seized Rs 2.19 crore including Rs 17.74 lakh in Rs 2,000 denomination, Rs 12,500 in Rs 500 denomination from the house of Mahajan on December 14.

Centre Has No Estimates Of Black Money Even After Demonetization

[New Delhi]Centre Has No Estimates Of Black Money Even After Demonetization
There is no official estimation of black money either before or after November 8 — the day government announced scrapping of old Rs 500 and Rs 1,000 notes, Finance Minister Arun Jaitley said today.
“There is no official estimation of the amount of black money either before or after the government’s decision of November 8, 2016 declaring that bank notes of denominations of the existing series of the value of Rs 500 and Rs 1000 shall cease to be legal tender with effect from November 9,” he said in a written reply in Lok Sabha.
The searches conducted by Income Tax Department between April 2014 and November 2016 on 1,356 groups of assessees led to admission of
undisclosed income of Rs 31,277 crore
apart from seizure of undisclosed assets worth
Rs 2,164 crore, he added.
Besides, 14,044 surveys conducted during the period, resulted in detection of undisclosed income of Rs 30,492 crore.
Replying to another question on whether the government has received any proposal from the employees of LIC to provide another opportunity to those who have not chosen pension option earlier, Jaitley replied in affirmative.
“The proposal was examined and a view has been taken that no more options for pension may be extended to employees of public sector insurance companies,” he said.
File,Symbolic,Photo

Swaraj India Supports Policy Of “Modi’s Currency Notes

[New Delhi]Swaraj India Supports Policy Of “Modi’s Currency Notes
Swaraj India supports the decision by the Government to demonetize the existing high denomination notes of Rs. 500 and Rs 1000
**This is a Big & Bold step, a much needed one, to counter fake currency notes.
**Black money impact claimed by the govt seems overstated.
**Lots of problems for rural poor who live in cash economy.
Swaraj India supports the decision by the Government to demonetize the existing high denomination notes of Rs. 500 and Rs 1000 and to replace these by a new series of notes. This is mainly a move to check the growing menace of counterfeit currency notes and deserves to be supported as such.
The PM has tried to make virtue of this necessity. His party has made grand claims about this decision being a ‘historic’ game changer in the fight against black money and terror. There is not much to justify this propaganda. The currency changeover may help to cut down a part of the ‘black money’ that is stacked in cash, provided all the loopholes are duly covered. We have to wait for the next 50 days to see how the government prevents “black” money hoarders from converting it into “white”. There is a serious concern that this change-over may hide another undeclared “voluntary disclosure” scheme to facilitate this conversion. Needless to say, this decision would not affect much of the black money that has entered the stock market or real estate or has been parked outside the country via dubious financial instruments.
Any currency changeover means a lot of confusion, panic and hardship. This concern is acute in our economy where majority of transactions and a good deal of savings are in cash. The real test of the government is how it is going to protect rural population from enormous harassment and distress in this post-harvest marriage season. A failure to protect the hard earned money of the poor could endanger this entire transition. At the same time, a rejection of the currency changeover merely on this suspicion is not in the wider public interest. We appeal to opposition parties to exercise restrain and help the government make this difficult transition.
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DRI Seizes Smuggled Gold And Black Money In Old Delhi

[New Delhi]Department of Revenue Intelligence (DRI) makes seizure of about Rs 12.91 crore including 21 kg Gold worth Rs. 6.47 crore, and Indian Currency notes worth Rs 6.44 crore
The Delhi Zonal Unit (DZU) of the Directorate of Revenue Intelligence (DRI), Ministry of Finance seized 20.64 kilogram gold and Indian currency notes worth Rs 6.44 crore from a shop in the old Delhi area.
The gold is valued at about Rs. 6.47 crore, of which 20 bars are of 1 kg each with foreign markings and of 995 purity. Searches also resulted in recovery of Rs 6.44 crore of Indian currency notes, being the sale proceeds of smuggled gold. The total value of the seizure is about Rs 12.91 crore. Two persons have been arrested and remanded to judicial custody. Further investigation is in progress.
Last month, the Delhi Zonal Unit of DRI had made a record detection of smuggling of gold of about 7,000 Kilograms, valued at about Rs 2,000 crore and had arrested two persons.
The main kingpin has also been detained under the Conservation of Foreign Exchange and Prevention of Smuggling Act (COFEPOSA), 1974.

Centre Unearthed Black Money Rs 44 K Cr& Treasured Rs 2475 Cr Tax Panelty

[New Delhi]Centre Unearthed Black Money Rs 44K CrAnd Treasured Rs 2475 Cr Tax Panelty
Undisclosed income of Rs 43,829 crore, both from domestic and foreign sources, has been detected by government in the last two financial years,This was informed in Parliament today.
“The amount received under the one-time compliance window, as part of enforcement measures during the last two financial years, searches in 990 groups of assessees and surveys in 9,457 cases were conducted, resulting in detection of undisclosed income of Rs 43,829 crores,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply to Rajya Sabha.
Kumar said the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act, 2015 enacted on May 26, 2015 provided a one-time compliance window for declaration of undisclosed foreign assets.
“An amount of Rs 2,476 crores was received as tax and penalty from 648 declarants under the said window,” Gangwar said.
Besides, the Finance Act, 2016 provides for the Income Declaration Scheme 2016.
He added The scheme has commenced from June 1, 2016 and will close on September 30, 2016,

PM Of India Arrives in Switzerland ,May Discuss Black Money

[Geneva,Switzerland]PM Of India Arrives in Switzerland on3rd Leg of 5 Nation Tour
Prime Minister Of India Narendra Modi arrived here today on the third leg of his five-nation tour during which he will hold talks with Swiss President Johann Schneider-Ammann to deepen bilateral and multilateral cooperation.
Modi, who visited Afghanistan on Saturday, arrived here after his two-day visit to Qatar during which he held talks with the leadership there on a host of issues.
“Bon Soir Geneve! A late night arrival in the picturesque Swiss city marks beginning of third leg of PM’s journey,” External Affairs Ministry Spokesperson Vikas Swarup tweeted.
Ahead of his five-nation tour, Modi had described Switzerland as India’s key partner in Europe.
The Prime Minister is likely to raise the issue of black money stashed by Indians in Swiss banks.
Modi is also likely to seek Switzerland’s support for India’s membership of the 48-member Nuclear Suppliers Group as it is a key member of the elite grouping.
From here, Modi will travel to the US and then to Mexico before returning to India.
Photo Caption
The Prime Minister, Shri Narendra Modi being received on his arrival at Geneva International Airport, Switzerland on June 06, 2016.

PM Will Knock Switzerland For Severe Painful Accounts Of Indians

[New Delhi]PM Will Knock Switzerland For Severe Painful Accounts Of Indians
Prime Minister Modi Will Embark on a 5-Nation Visit from June 4
This will cover Afghanistan+Qatar+Switzerland+ US + Mexico.
Black Money Has Been a Pain In the Neck Of previous Govts But It Is Severe painful For the present Govt
Because they are facing Jumla Of 15 Lakhs
Modi will begin his trip with Afghanistan to inaugurate India-funded Salma Dam which has been constructed at a cost of about Rs 1400 crore.
From Afghanistan, he will proceed to
energy-rich Qatar and then to
Switzerland.
In Switzerland, the Prime Minister Modi will hold talks with the Swiss leadership, including President Johann Schneider-Ammann, and is likely to seek cooperation to unearth black money accounts of Indians in Switzerland which was a promise made by him during elections in 2014.
According to sources, the officials of the two countries are working on finalising an arrangement that could pave the way for automatic exchange of information on tax-related issues.
The Switzerland government had on May 18 initiated consultation on an ordinance to put in place a mechanism for automatic exchange of tax information with India and other countries.
From Switzerland, Modi will travel to the US on June 7 at the invitation of President Barack Obama, with whom he will review the progress made in key areas of defence, security and energy.
During his stay, he will also address a Joint Meeting of the US Congress.
On his return, he will visit Mexico where India is eyeing trade and investment tie ups.
In September last year, during his UN visit in New York Modi had held talks with Mexican President Enrique Pena Nieto.
Modi Will visit to energy-rich Qatar Alao
PM will hold extensive talks with Emir of Qatar Sheikh Tamim bin Hamad Al-Thani on a range of bilateral issues including ways to further boost economic ties, particularly in the hydrocarbon sector.
File Photo

मोदी सरकार ने कालेधन पर लगाम लगाने की दिशा में एक और कदम बढ़ाते हुए सेशेल्स से समझौता किया

[नयी दिल्ली] मोदी सरकार ने काले धन पर लगाम लगाने के दिशा में एक और कदम बढ़ाते हुए सेशेल्स से समझौता किया
केंद्र सरकार ने आज काले धन पर लगाम लगाने के लिए सेशेल्स समझौते को दी मंजूरी
काले धन पर लगाम लगाने की दिशा में एक कदम और बढ़ाते हुये सरकार ने आज कर संबंधी सूचनाओं के आदान-प्रदान के लिए भारत और सेशेल्स के बीच समझौते पर हस्ताक्षर को मंजूरी दी और उसकी पुष्टि की है। एक अधिकारिक बयान में कहा गया कि समझौते से प्रत्येक प्रकार के टैक्स के संबंध में भारत और सेशेल्स के बीच सूचनाओं के आदान-प्रदान को प्रोत्साहन मिलेगा।
प्रधामंत्री नरेंद्र मोदी की अध्यक्षता में आज यहां हुई मंत्रिमंडल की बैठक में यह फैसला लिया गया।
समझौते के तहत प्राप्त सूचना को गोपनीय माना जाएगा और इसका खुलासा सिर्फ उन्हीं व्यक्तियों या विभागों :अदालत या प्रशासनिक संस्थाओं: के साथ किया जाएगा जो समझौते के तहत आने वाले करों के आकलन, संग्रह, प्रवर्तन, अभियोजन या अपील से जुड़े होंगे।
सूचना भेजने वाले देश की अनुमति से ही सूचना को दूसरे व्यक्ति, इकाई अथवा प्राधिकरण अथवा न्यायिक क्षेत्र को इसकी जानकारी दी जा सकेगी।
भारत कर सूचनाओं के आदान प्रदान से जुड़ा इस तरह का समझौता अजेर्ंटीना+बहमास+बहरीन+बेजीज+ बेरमुडा+ब्रिटिश विर्जिन आइलैंड+केमैन आईलैंड+जिब्राल्टर+गुएरन्से+ऑयल आफ मैन+जर्सी+लिबेरिया+लिंच्टेंसटीन+मकाओ+मोनाको और सॉन मेरिनो के साथ भी कर चुका है।

Indian PM Convincingly Addressed Black Money a Global security issue :G-20

[Brisbane,Australia ]Indian PM Convincingly Addressed Black Money a Global security issue :G-20
Prime Minister Of India Sh.Narendra Modi Opened new Front In G-20 For His Ambitious Agenda Of Black Money .He Successfully addressed Hoarding Of Black Money ,a Globally security issue .
PM Sh Modi pitched for global cooperation on repatriation of black money stashed abroad as the summit of G20 countries opened amidst intense pressure from within on tackling the menace.
The Prime Minister, Shri Modi, today expressed India’s support for a new global standard on automatic exchange of information, which would be instrumental in getting information about unaccounted money hoarded abroad and enable it’s eventual repatriation.
He was making an intervention during the G20 session on Delivering Global Economic Resilience.
He said he supported all initiatives to facilitate exchange of information and mutual assistance in tax policy and administration.
Noting that increased mobility of capital and technology have created new opportunities for avoiding tax and profit shifting, he urged every jurisdiction, especially tax havens, to provide information for tax purposes in accordance with treaty obligations.
Indian Prime Minister reiterated his call for close policy coordination among major economies, saying this is important not just for also addressing the challenge of black money, but also for security issues like terrorism, drug trafficking, arms smuggling etc. He said although all countries have their domestic priorities, coordinated decisions would “help us all” in the long run. He said the resilience of the global financial system will also depend on cyber security.pitched for global cooperation
Photo Caption
BRICS leaders meeting ahead of G-20 Summit, in Brisbane, Australia on November 15, 2014.