-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...

The Supreme Court has asked the Centre to apprise it on the action taken against former Chief Justice and NHRC chief KG Balakrishnan in the disproportionate assets case against him. The court has asked the government to reply by March 12 on the actions that it has taken or intends to take against the former CJI. "We want to know what was done on the representation (before the government against ex-CJI)...

-The Hindu The Madhya Pradesh Vishesh Nyayalaya Adhiniyam (Madhya Pradesh Special Courts Bill) 2011 has received the presidential assent and will come into force on February 15, 2012. The anti-corruption act equips the government with wide-ranging powers to weed out corruption, including the power to confiscate illegally earned properties of corrupt officials and use them as public assets. A similar law is already in force in Bihar. Under the Act, special courts dealing...

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...

-The Economic Times A panel set up by the Supreme Court to investigate Karnataka's illegal mining mess has made some important recommendations. It says 49 licences are patently illegal and should be scrapped.  Another 72 mining companies should be fined for operating outside sanctioned areas. It also asks for Karnataka's iron ore output to be capped at 30 million tonnes, down a third from its 45-million-tonne level till the court banned all...