Search Result for : Prevention Of Money Laundering Act

The Dollar Business Bureau   The government on Tuesday announced the steps and decisions it has taken in the last two years to curb the menace of black money in India and outside the country.Listing out the initiatives, the Ministry of Finance said it had enacted a new Black Money Act with strict penalty provisions. It has formed a Special Investigation Team (SIT), which has, in the past, formulated a new Income Disclosure Scheme for domestic black money. The SIT has also unearthed tax evasion of about Rs. 50,000 crore of indirect taxes and Rs.21,000 crore of undisclosed income through enhanced enforcement measures. It has also seized goods used for smuggling activities worth Rs 3,963 crore over the past two years. The ...

Dated July 7, 2015 | Copy of | Notification No.4/2015 | In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of subsection (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2013), the Central Government in consultation with the Reserve Bank of India hereby makes the following rules further to amend the Prevention of Money-laundering (maintenance of Records) Rules, 2005, namely:- 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005,- (a) in ...

The Dollar Business Bureau Finance Minister Arun Jaitley, said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international forums to cooperate and coordinate with each other to punish those who are involved in illegal and illicit transfer of money across the border. He further said that the present government has taken various steps to squeeze the black money including undisclosed assets within and outside the country, and added, the government’s focus is on reasonable tax rates and ‘ease of doing business’ for incentivising people to abide by laws and avoid evasion of taxes etc, reported a PIB release. Various steps have been taken by the present government ...

Sai Nikesh | The Dollar Business Even as the Government of India (GoI) in its Union Budget 2015 announced strict and stringent measures to curb money laundering, sources said a surge in trade between India and the United Arab Emirates during the past few years has been under intelligence watch. Endorsing the same, Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), when contacted by The Dollar Business said, “We have been given to understand that 50% of all consignments exported to Free Ports like Dubai are physically examined. If that be the case, any mischief cannot go undetected for a long time.” However, there is a need to strike a nice balance, so that while revenue ...