The Government is contemplating legal action against HSBC Bank for what is being described as the “active’’ role of their executives in persuading Indian account-holders to open accounts to park undeclared money in their branch in Geneva. The Central Board of Direct Taxes (CBDT) has sought the opinion of the Law Ministry for this and underlined that a similar course of action has been taken by other countries who, like India,...
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Why Parliamentary Standing Committee on Finance rejected the UID Bill
-IBN The much hyped Unique Identification (UID) project led by Nandan Nilekani has run into trouble after the Parliamentary Standing Committee on Finance rejecting the National Identification Authority of India Bill, 2010 in its present form. The committee headed by Yashwant Sinha pointed out several anomalies in the existing bill and urged the government to "reconsider and review the UID scheme as also the proposals contained in the Bill in all its...
More »‘Massive’ collections in Swiss black money probe by Ritu Sarin
Investigations say they have already mopped up a “massive amount” — running into “hundreds of crores” — as unpaid taxes from among the 700 numbered bank accounts held by Indians in HSBC Bank in Geneva in the ongoing scrutiny of what is considered a sprawling black money trail. In fact, Rs 40 crore has been recovered from Delhi-based account holders and Rs 60 crore from just one account holder in Chennai...
More »Shocking! Rs 12,228 cr lost in illegal ore exports by Vicky Nanjappa
Vicky Nanjappa goes through Karnataka Lokayukta Justice Santosh Hegde's explosive report on illegal mining in the state and reveals damning figures of corruption. A jaw-dropping Rs 12,228 crore worth of iron ore was illegally exported in a a span of four years (2006-2010), says Karnataka Lokayukta Justice Santhosh Hegde in his report released a couple of days back which led to Chief Minister B S Yeddyurappa's exit. According to the report, which...
More »The Karnataka mining report by Vicky Nanjappa
The report on illegal mining in Karnataka, compiled by Lokayukta Santosh Hegde and his team, may spell the end of the first Bharatiya Janata Party government in south India. While the report is voluminous, here are a few details of what the Lokayukta and his team have found while probing the illegal mining scam. In the report the Lokayukta clearly makes charges against Chief Minister B S Yeddyurappa and Minister for...
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