The government plans an umbrella law to tighten financial scrutiny and regulation of religious trusts and non-profit organisations as it looks to allay global concerns about money laundering and terrorist financing activities by such entities. It is also likely to make public names of organisations that claim tax exemption to ensure greater transparency. Some of India's religious trusts are among the richest in the world. Last year, Tirumala temple, managed...

It was indeed an unusual ''social movement''. A group of ''activists'' who had banded together to draft one version of a bill that would establish a statutory institution to investigate corruption in the political establishment sits in protest demanding the acceptance and passage of its version of the bill. The protest has elements of a social drama inasmuch as it fronts an elderly leader, Anna Hazare, with Gandhian credentials, a...

The Centre on Monday informed the Supreme Court that it had constituted a high level committee comprising the heads of various probe agencies and specialised departments under the aegis of the Department of Revenue to monitor the investigation of all aspects relating to black money. Solicitor General Gopal Subramaniam told a Bench of Justice B. Sudershan Reddy and Justice S.S. Nijjar that the 10-member committee, headed by the Revenue Secretary, would...

A former bureaucrat has said that most business houses "maintain" MPs to influence government policies or decision making in their favour. "Some of the large industrial houses also fund politicians who are in the Opposition as a hedge to ensure that any decision that may be given in their favour is not opposed by them. They also treat such funding as a long term investment," writes former Economic Intelligence Bureau director...

Enforcement Directorate has begun attaching Madhu Koda and his friends’ properties, mostly flats and land in Bihar, Jharkhand and Maharashtra, valued at over Rs 300 crore. Armed with an April 6 approval order from the adjudicating authority for cases under the Prevention of Money Laundering Act (PMLA), the directorate is sticking to the higher valuation even though 2007 revenue department assessments pegged the properties’ worth at around Rs 130 crore. “This is...