-The Times of India MUMBAI: Tax authorities will intensify their efforts to crack down on unaccounted-for money stashed overseas by seeking information from their counterparts in other countries. A recent letter issued by the Chairperson, Central Board of Direct Taxes (CBDT) bears testimony to this intention. To ensure that Indian tax authorities have access to information from other countries and can thus tackle the menace of black money and tax avoidance, several...

-The Times of India At a time when the government is facing trouble maintaining its fiscal health and is set to add over Rs 1.25 lakh crore to its subsidy bill for providing food security to its poor, the UPA has burdened the exchequer further by exporting wheat at lower than its cost price - incurring an estimated loss of over Rs 1,700 crore. Sources in the finance ministry said the loss...

-The Hindu Eminent retired bureaucrats and members of the Forum of Retired Officers of Indian Audit and Accounts Service have demanded the creation of a selection committee headed by Prime Minister to select the new Comptroller and Auditor General (CAG) of India. The term of current CAG Vinod Rai ends in May. In a memorandum to President Pranab Mukherjee and Prime Minister Manmohan Singh, they have argued that need of the...

-The Economic Times The government plans to significantly liberalise foreign direct investment (FDI) norms for single-brand retail to attract big bucks into the sector. The finance ministry has asked the Department of Industrial Policy and Promotion (DIPP) to amend the policy to allow single-brand retailers to bring different brands belonging to the same product line under one company. It has also asked DIPP - the government department that frames foreign investment rules...

-PTI The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a "perfect" system to prevent such offences and that not a single such transaction took place in the sting operation. The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online...