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,...

-The Economic Times Finance minister Pranab Mukherjee has said he had directed three institutions - NIPFP, NIFM and NCAER - to come out with a defendable assessment of the quantum of black money stashed away by Indians in foreign banks. Replying to the discussion on the adjournment motion moved in the House by BJP veteran LK Advani on "the situation arising out black money deposited illegally in foreign banks", Mukherjee declared...

The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted. The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been...

-PTI   Information given to income tax authorities by assessees does not come under any fiduciary relationship and cannot be denied to an RTI applicant on this ground, the Central Information Commission has ruled. Hearing the plea of Rakesh Kumar Gupta, who sought information on estimated tax evasion figures, the panel rejected the income tax department’s argument about such a relationship. Information commissioner Annapurna Dixit said the fiduciary relation exists when there is scope...

India on Saturday managed to get backing of the world’s 19 most powerful economies on the issue of sharing tax information, as the G20’s draft communiqué for the first time took note of New Delhi's concerns. The draft, however, remained silent on recovery of ill-gotten wealth stashed in tax havens. The draft communiqué, to be issued by G20 finance ministers and central bank governors later on Saturday, has resolved to address...