Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
$message = 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 73,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'catslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 73,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'catslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
$message = 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 74,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'artileslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 74,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'artileslug'
	]
]
deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-trace').style.display = (document.getElementById('cakeErr6800933628ba6-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr6800933628ba6-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-code').style.display = (document.getElementById('cakeErr6800933628ba6-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-context').style.display = (document.getElementById('cakeErr6800933628ba6-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr6800933628ba6-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr6800933628ba6-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 13034,
		&#039;title&#039; =&gt; &#039;Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
No other details of the case are given.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 13155,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 13034,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;black money,Corruption&#039;,
	&#039;metaDesc&#039; =&gt; &#039;



The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;No other details of the case are given.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 13034,
	&#039;title&#039; =&gt; &#039;Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
No other details of the case are given.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 13155,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 13034
$metaTitle = &#039;LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;
$metaKeywords = &#039;black money,Corruption&#039;
$metaDesc = &#039;



The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;No other details of the case are given.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin | Im4change.org</title>
    <meta name="description" content="



The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div style="text-align: justify"><br /></div><div style="text-align: justify">The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">No other details of the case are given.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &ldquo;conduits to channelise unaccounted profits&rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&rsquo;&rsquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Similarly, bullion and jewellery sector has been described as both a &ldquo;generator and consumer of black money&rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.</div><div style="text-align: justify"><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$maxBufferLength = (int) 8192
$file = '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php'
$line = (int) 853
$message = 'Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853'
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 48
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Code Context
            $response->getStatusCode(),

            ($reasonPhrase ? ' ' . $reasonPhrase : '')

        ));
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-trace').style.display = (document.getElementById('cakeErr6800933628ba6-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr6800933628ba6-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-code').style.display = (document.getElementById('cakeErr6800933628ba6-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-context').style.display = (document.getElementById('cakeErr6800933628ba6-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr6800933628ba6-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr6800933628ba6-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 13034,
		&#039;title&#039; =&gt; &#039;Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
No other details of the case are given.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 13155,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 13034,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;black money,Corruption&#039;,
	&#039;metaDesc&#039; =&gt; &#039;



The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;No other details of the case are given.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 13034,
	&#039;title&#039; =&gt; &#039;Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
No other details of the case are given.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 13155,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 13034
$metaTitle = &#039;LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;
$metaKeywords = &#039;black money,Corruption&#039;
$metaDesc = &#039;



The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;No other details of the case are given.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin | Im4change.org</title>
    <meta name="description" content="



The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div style="text-align: justify"><br /></div><div style="text-align: justify">The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">No other details of the case are given.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &ldquo;conduits to channelise unaccounted profits&rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&rsquo;&rsquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Similarly, bullion and jewellery sector has been described as both a &ldquo;generator and consumer of black money&rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.</div><div style="text-align: justify"><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$reasonPhrase = 'OK'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitStatusLine() - CORE/src/Http/ResponseEmitter.php, line 148
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 54
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Code Context
                    $value

                ), $first);

                $first = false;
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-trace').style.display = (document.getElementById('cakeErr6800933628ba6-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr6800933628ba6-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-code').style.display = (document.getElementById('cakeErr6800933628ba6-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr6800933628ba6-context').style.display = (document.getElementById('cakeErr6800933628ba6-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr6800933628ba6-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr6800933628ba6-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 13034,
		&#039;title&#039; =&gt; &#039;Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
No other details of the case are given.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 13155,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 13034,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;black money,Corruption&#039;,
	&#039;metaDesc&#039; =&gt; &#039;



The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;No other details of the case are given.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 13034,
	&#039;title&#039; =&gt; &#039;Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
No other details of the case are given.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 13155,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 13034
$metaTitle = &#039;LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin&#039;
$metaKeywords = &#039;black money,Corruption&#039;
$metaDesc = &#039;



The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The government&amp;rsquo;s draft report on black money &amp;mdash; that has been circulated to members of the high level committee on black money for final comments &amp;mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;No other details of the case are given.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &amp;ldquo;conduits to channelise unaccounted profits&amp;rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &amp;ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&amp;rsquo;&amp;rsquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Similarly, bullion and jewellery sector has been described as both a &amp;ldquo;generator and consumer of black money&amp;rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin | Im4change.org</title>
    <meta name="description" content="



The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div style="text-align: justify"><br /></div><div style="text-align: justify">The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">No other details of the case are given.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &ldquo;conduits to channelise unaccounted profits&rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&rsquo;&rsquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Similarly, bullion and jewellery sector has been described as both a &ldquo;generator and consumer of black money&rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.</div><div style="text-align: justify"><br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$cookies = []
$values = [
	(int) 0 => 'text/html; charset=UTF-8'
]
$name = 'Content-Type'
$first = true
$value = 'text/html; charset=UTF-8'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitHeaders() - CORE/src/Http/ResponseEmitter.php, line 181
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 55
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

<head>

    <link rel="canonical" href="<?php echo Configure::read('SITE_URL'); ?><?php echo $urlPrefix;?><?php echo $article_current->category->slug; ?>/<?php echo $article_current->seo_url; ?>.html"/>

    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>

$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp'
$dataForView = [
	'article_current' => object(App\Model\Entity\Article) {

		'id' => (int) 13034,
		'title' => 'Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin',
		'subheading' => '',
		'description' => '<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
No other details of the case are given.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &ldquo;conduits to channelise unaccounted profits&rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&rsquo;&rsquo;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Similarly, bullion and jewellery sector has been described as both a &ldquo;generator and consumer of black money&rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
</div>
<div style="text-align: justify">
<br />
</div>',
		'credit_writer' => 'The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/',
		'article_img' => '',
		'article_img_thumb' => '',
		'status' => (int) 1,
		'show_on_home' => (int) 1,
		'lang' => 'EN',
		'category_id' => (int) 16,
		'tag_keyword' => '',
		'seo_url' => 'rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155',
		'meta_title' => null,
		'meta_keywords' => null,
		'meta_description' => null,
		'noindex' => (int) 0,
		'publish_date' => object(Cake\I18n\FrozenDate) {},
		'most_visit_section_id' => null,
		'article_big_img' => null,
		'liveid' => (int) 13155,
		'created' => object(Cake\I18n\FrozenTime) {},
		'modified' => object(Cake\I18n\FrozenTime) {},
		'edate' => '',
		'tags' => [
			[maximum depth reached]
		],
		'category' => object(App\Model\Entity\Category) {},
		'[new]' => false,
		'[accessible]' => [
			[maximum depth reached]
		],
		'[dirty]' => [[maximum depth reached]],
		'[original]' => [[maximum depth reached]],
		'[virtual]' => [[maximum depth reached]],
		'[hasErrors]' => false,
		'[errors]' => [[maximum depth reached]],
		'[invalid]' => [[maximum depth reached]],
		'[repository]' => 'Articles'
	
	},
	'articleid' => (int) 13034,
	'metaTitle' => 'LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin',
	'metaKeywords' => 'black money,Corruption',
	'metaDesc' => '



The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its...',
	'disp' => '<div style="text-align: justify"><br /></div><div style="text-align: justify">The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">No other details of the case are given.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &ldquo;conduits to channelise unaccounted profits&rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&rsquo;&rsquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Similarly, bullion and jewellery sector has been described as both a &ldquo;generator and consumer of black money&rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.</div><div style="text-align: justify"><br /></div>',
	'lang' => 'English',
	'SITE_URL' => 'https://im4change.in/',
	'site_title' => 'im4change',
	'adminprix' => 'admin'
]
$article_current = object(App\Model\Entity\Article) {

	'id' => (int) 13034,
	'title' => 'Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin',
	'subheading' => '',
	'description' => '<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
No other details of the case are given.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &ldquo;conduits to channelise unaccounted profits&rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&rsquo;&rsquo;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Similarly, bullion and jewellery sector has been described as both a &ldquo;generator and consumer of black money&rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.
</div>
<div style="text-align: justify">
<br />
</div>',
	'credit_writer' => 'The Indian Express, 13 February, 2012, http://www.indianexpress.com/news/rs-565-cr-stashed-in-geneva-accounts-report/911415/',
	'article_img' => '',
	'article_img_thumb' => '',
	'status' => (int) 1,
	'show_on_home' => (int) 1,
	'lang' => 'EN',
	'category_id' => (int) 16,
	'tag_keyword' => '',
	'seo_url' => 'rs-565-cr-stashed-in-geneva-accounts-report-by-ritu-sarin-13155',
	'meta_title' => null,
	'meta_keywords' => null,
	'meta_description' => null,
	'noindex' => (int) 0,
	'publish_date' => object(Cake\I18n\FrozenDate) {},
	'most_visit_section_id' => null,
	'article_big_img' => null,
	'liveid' => (int) 13155,
	'created' => object(Cake\I18n\FrozenTime) {},
	'modified' => object(Cake\I18n\FrozenTime) {},
	'edate' => '',
	'tags' => [
		(int) 0 => object(Cake\ORM\Entity) {},
		(int) 1 => object(Cake\ORM\Entity) {}
	],
	'category' => object(App\Model\Entity\Category) {},
	'[new]' => false,
	'[accessible]' => [
		'*' => true,
		'id' => false
	],
	'[dirty]' => [],
	'[original]' => [],
	'[virtual]' => [],
	'[hasErrors]' => false,
	'[errors]' => [],
	'[invalid]' => [],
	'[repository]' => 'Articles'

}
$articleid = (int) 13034
$metaTitle = 'LATEST NEWS UPDATES | Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin'
$metaKeywords = 'black money,Corruption'
$metaDesc = '



The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its...'
$disp = '<div style="text-align: justify"><br /></div><div style="text-align: justify">The government&rsquo;s draft report on black money &mdash; that has been circulated to members of the high level committee on black money for final comments &mdash; confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">No other details of the case are given.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as &ldquo;conduits to channelise unaccounted profits&rdquo;. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how &ldquo;black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....&rsquo;&rsquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Similarly, bullion and jewellery sector has been described as both a &ldquo;generator and consumer of black money&rdquo; and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.</div><div style="text-align: justify"><br /></div>'
$lang = 'English'
$SITE_URL = 'https://im4change.in/'
$site_title = 'im4change'
$adminprix = 'admin'

include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51

Rs 565 cr stashed in Geneva accounts: Report by Ritu Sarin

The government’s draft report on black money — that has been circulated to members of the high level committee on black money for final comments — confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information of undisclosed income to the tune of Rs 565 crore, against which taxes to the tune of Rs 181 crore have already been mopped up. The report, however, does not mention whether prosecution would be launched against the Geneva account holders, just as it has been in the case of account holders in Liechtenstein. In those bunch of 18 accounts, the report says that undisclosed income to the tune of Rs 39.66 crore was calculated and a tax demand of Rs 24.26 crore was raised. Against this, Rs 11.75 crore has been recovered and 17 persons prosecuted. There are other nuggets of information in the report. For instance, the Indian authorities have passed on information to various countries about undisclosed wealth in as many as 350 other cases and that the FIU (Financial Intelligence Unit) has generated as many as 30,765 STRs (suspicious transaction reports), which are presumably being investigated by different agencies. Curiously, giving just a solitary example of the extent of unaccounted money that can be mopped up domestically, the 16-page report says that agencies had recovered Rs 90 crore in bank accounts held by a coal miner and his family members in Ranchi. No other details of the case are given. Several other key suggestions and observations of member agencies of the black money committee do not figure in the index of final recommendations of the report. For instance, the Income Tax authorities have made out a case for the present six-year period for opening tax assessments of individuals under probe to around 10 years. The I-T Department has also asked for charitable organisations to come under its scrutiny. The I-T Department, in fact, has come out with the longest list of recommendations. It has also discussed the mushrooming of tax-free zones and described them as “conduits to channelise unaccounted profits”. The Directorate of Revenue Intelligence (DRI) has suggested that there needs to be computer connectivity of revenue records, specially of properties owned by offenders. The generation of black money through real estate, bullion and jewelry, however, does find mention in the final recommendation. The report states how “black money is used either in conspicuous consumption or in non-productive sectors such as real estate, bullion and jewelry etc. Surplus black money is also reinvested in the regular economy through laundering, or,in the financial markets....’’ The committee has noted how real estate probably constitutes the largest part of the black money economy in India and that regulation of the sector is fraught by many problems. This includes lack of a regulatory mechanism, different rates of stamp duty, non-scientific ways of fixing circle rates. The suggestion is thus for provisions relating to pre-emptive purchase of immovable properties to be introduced in Income Tax laws with modifications to reduce administrative complications and ease of compliance. Similarly, bullion and jewellery sector has been described as both a “generator and consumer of black money” and the draft report says that while it has been made mandatory to obtain PAN or form 60/61 for purchase of bullion above Rs five lakh, reporting or enforcement of this provision has not been put in place. It has been recommended that the Income Tax Department expeditiously put these mechanisms in place, as well as similar rules drafted for purchase/sale of jewellery.