-PTI In fresh trouble for members of the scam-tainted Adarsh Housing Society, the Enforcement Directorate has issued notices to the society and its members, asking them to furnish information regarding payment towards the purchase of flats. The directorate began its probe into allegations of Money Laundering and benami transactions after facing severe criticism from the Bombay high court for failing to initiate an inquiry despite receiving information from the CBI. The agency then...

—New York Times News Service   Switzerland has agreed to a revised tax deal with Germany, with Switzerland to pay billions of dollars on funds hidden in its banks by German tax dodgers. The deal was the latest step in an international charm offensive that is meant to salvage at least some of Switzerland's famous banking secrecy. The accord, which was tougher to reach after a deal in September was criticised by German...

Move could save banks significant money spent on record-checking and documentation In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts. The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements. This will pave the way for...

-PTI Senior IAS officers Pradeep Vyas and Jairaj Phatak have been placed under suspension pending investigation in the Adarsh Housing Society scam, Maharashtra government informed the Bombay high court on Thursday. While Vyas was the collector of Mumbai, Phatak was city municipal commissioner when the scam took place. According to the CBI, Vyas (49), during his tenure as Collector from August 2002 to May 2005, allegedly connived with other accused and...

-PTI Government today told Parliament that prosecution agencies will have to obtain authorisation from it before attachment of properties of corrupt retired public servants. "An official memorandum dated May 13, 2009 was issued laying down procedure for obtaining authorisation of the central government under section 3 of the Criminal Law (Amendment) Ordinance, 1944 for attachment of the money or property procured by corrupt means. "Further, clarifications were issued vide office memorandum dated January...