Govt announces steps taken to curb black money
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 ...
Don't fear knee-jerk reaction on P-Note curbs: FM to investors
Source: PTI Seeking to calm panic-stricken investors, Finance Minister Arun Jaitley today said they need not fear any "knee-jerk" reaction from the government on the SIT report, which had recommended tough measures to check investment flows through P-Notes. He also assured investors that the government will not take any action that may jeopardise investment climate even as the benchmark BSE Sensex tanked close to 500 points on fears of action on the suggestions of the Supreme Court appointed Special Investigation Team (SIT). Participatory Notes (P-Notes) are used by large number of foreign investors to invest in equity markets without disclosing their identity to the market regulator Sebi. "It is too early to say what view the government would take. But the ...
Budget likely to bring up measures to tackle black money
The Dollar Business Bureau Union Budget 2015 while raising the bar on expectations is likely to be interesting too with the government trying to figure out ways and means to check “black money” in the country. According to sources, in addition to some of the key recommendations made by the Special Investigation Team (SIT) on how to take on the menace of “black money” in the past, the Union Finance Minister, Arun Jaitley has asked other investigative agencies their measures to curb unaccounted money in the system. Based on some of the presentations so far, the sources said that in addition to making tax evasion a “crime” in the country, the Permanent Account Number (PAN) could be more used as ...
