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 »CBI chief’s wisdom: If king immoral, so will be subjects
-The Indian Express CBI director Amar Pratap Singh declared today that “if the king is immoral, so will be his subjects”, and sought “ethics in governance” while addressing an Interpol anti-corruption programme. In a hint at scams involving ministers, Singh said: “I am prompted to recall a famous verse from ancient Indian scriptures, which says ‘Yatha raja tatha praja’.” Singh said $ 500 billion (nearly Rs 24 lakh crore) had been stashed away...
More »Black money: Indians have stashed over $500bn in banks abroad, says CBI
-PTI Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday. India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc. "It is estimated that around 500 billion dollars of illegal money belonging to Indians...
More »Populism caution to judges
-The Telegraph The country’s top judge today advised the judiciary to work as independently of public sentiments as of politics, stressing that courts should deliver rulings according to the law and not the majority opinion. “Apart from independence from politics, the judiciary also needs independence from popular interest,” PTI quoted Chief Justice of India (CJI) S.H. Kapadia as saying while presiding over the Nani Palkhivala Memorial Trust Lecture in Mumbai. “If an order...
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