Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now. The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens. In...
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Jury’s still out on amount of black money stashed abroad
-ENS Economic Bureau Estimates on black money stashed away by Indians is still very much a grey area. So when the CBI Director emphatically declared on Monday that $500 billion of illegal money belonging to Indians was deposited in tax havens abroad, the figure caused more than a mild flutter. Mainly because the information currently available on the black money economy is way too disparate and vague. Considering the available evidence, the...
More »Pontius Undistilled by Lola Nayar
Liquor baron Ponty Chadha’s mercurial rise is all ‘Maya’ A reclusive liquor baron may seem like an anomaly in these never-ending good times. But Gurdeep Singh Chadha—better known by the moniker Ponty Chadha—fits the bill. Often called “Mayawati’s financier”, the 57-year-old Ponty has been making large (if silent) waves for the political patronage he enjoys in Uttar Pradesh. Any bottle of liquor sold in India’s most populous state goes through his...
More »White paper on black money likely in budget session
-The Hindustan Times The government is drafting the framework of a “white paper” on black money that it is likely to present before Parliament in the forthcoming budget session. The white paper, however, is unlikely to disclose any names of individuals or entities, despite the opposition’s demand to make public the names of those who are found have to stashed money in banks in overseas tax havens, sources told HT. The finance...
More »Elusive jobs by TK Rajalakshmi
It is getting harder for jobseekers to return to gainful employment and for new entrants to find adequate jobs, says the ILO. THERE is little in the International Labour Organisation's (ILO) annual projection of job growth to cheer about. The year 2012 has been described as a year of stark reality. A third of the global workforce is currently unemployed or poor; that is, 200 million members of the 3.3-billion-strong global...
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