black money

Panel to look into black money recovery

A parliamentary panel headed by Murali Manohar Joshi will study the recovery of black money & performance of public sector banks. 30-member Estimates Committee has decided to study a host of subjects related to various ministries in the year 2018-19. The panel will also look into the import of uranium for nuclear plants, mining activities & environment among other matters.

Stricter norms for P-Notes

SEBI has tightened P-Note norms by levying a fee of $1000 on each instrument and barred their issuance for speculative purposes to check any misuse for channelising black money. P-Notes are issued by registered FPIs to overseas investors who wish to be a part of Indian stock markets without registering themselves directly. Entry norms for foreign portfolio investor has been relaxed by SEBI.

Sebi clears P-Note norms

In yet another move in India against black money, markets regulator Sebi barred resident as well as non-resident Indians from making investments through participatory notes (P-Notes). P-notes are mostly used by overseas individual investors, hedge funds and foreign institutions to invest in the Indian securities markets through registered foreign institutional investors (FIIs).

Operation Clean Money II in operation

The Income Tax department will investigate over 60,000 individuals under the second phase of the ‘Operation Clean Money’. It was launched with an aim to detect black money generation post-demonetisation. The CBDT has said that it has detected undisclosed income over ` 9,334 crore between the period of November 9, 2016 till February 28 this year.

Operation ‘Clean Money’

Income Tax Department launched the second phase of Operation ‘Clean Money’ to detect the flow of black money into the banks after demonetisation. According to Central Board of Direct Taxation the I-T dept has detected unaccounted income worth ` 9,334 crore after the demonetisation till February 28th. The first phase of the operation was launched in January 2017.

Naidu Head Committee on Demonetisation

Andhra CM Chandrababu Naidu will head a committee of Chief Ministers to suggest measures to reduce hardships caused to the common man by demonetisation of ` 500 & ` 1000 notes. It will suggest measures to normalise the situation. The panel is also expected to work on ways to move towards a cashless economy. Naidu had been seeking a ban on high value notes as a way to combat black money.

LS passes Black Money Bill with Opposition support

A stringent law imposing 120 per cent tax, jail term of up to 10 years and penalty on undisclosed foreign assets and income to deal with the black MONEY menace was passed in Lok Sabha Monday by voice vote and with support from the Opposition. The Congress argued that Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015, is a FINANCE bill. However, Speaker Sumitra Mahajan agreed to FINANCE Minister Arun Jaitley’s argument that it is a MONEY bill, in which case approval of the Upper House is not mandatory.
iv. Under the proposed law, there would be a short compliance window within which persons with undisclosed income abroad can come clean by paying 30 per cent tax and 30 per cent penalty. Once the window closes, anyone found having undeclared overseas wealth would be required to pay 30 per cent tax, 90 per cent penalty and face criminal prosecution.

FIU detects over Rs. 7,800 cr black money

Government detected a whopping over Rs 7,800 crore of illegal monies within the country and abroad during 2013-14 as the elite Financial Intelligence Unit (FIU) found all-time high cases of suspicious transactions in the country’s economic channels. The agency also received a total of 87,79,082 Cash Transaction Reports (CTRs), 3,01,804 Counterfeit Currency Reports (CCRs) and 80,616 Non-Profit Organisation Transaction Reports (NTRs). CTR is fund movement of the value of more than Rs. 10 lakh in one tranche or a series of transactions internally connected to each other in either Indian currency or foreign in the country’s banking or any other channel. A CCR pertains to an instance of usage of fake currency in any bank by an entity while NTRs pertain to filing of dossiers by Non-Governmental and non-profit organisations with regard to their economic operations.