The Centre may announce a tax amnesty scheme to bring back black money stashed in banks abroad, finance minister Pranab Mukherjee hinted today. He declined to share the names of those who have black money in foreign banks “as it violates international law”. By one estimate, anything between $450 billion and $1.5 trillion is in these accounts. Mukherjee’s news conference was called today at the behest of Prime Minister Manmohan Singh who...

Unfazed by opposition attacks and questions from the Supreme Court, government on Tuesday maintained that it cannot disclose information received from foreign entities on black money held by Indians abroad because of absence of legal framework. Finance minister Pranab Mukherjee, however, dismissed opposition criticism that it was not disclosing information because such disclosure could result in the government's fall. "Let us understand the issue. No information can be made available unless there...

A case where request for info on some Budget 2007 notings was rejected by the CBDT, but made available by the Central Information Commission, the Second Appellate Authority under the RTI Act. The Right to Information Act of 2005 is a very important piece of legislation to bring about complete transparency in the functioning of the bureaucracy and thus increase accountability as well as reduce corruption. Since it is a relatively new...

India, Switzerland had signed a protocol to amend the DTA last year It is expected to help India get details about illicit wealth India may have to wait till at least next year for information from Switzerland on the possible black money trail to Swiss banks, as a treaty for the same might come into force only by the end of 2011. The treaty needs to be ratified by various authorities in India...

Fast-growing emerging nations are taking increasingly aggressive actions to beat back rising food prices as they grow more worried of threats to stability if prices don't start to retreat. Developing-market governments have unveiled a laundry list of measures—including price caps, export bans and rules to counter commodity speculation—to keep food costs from disrupting their economies as price spikes that some had hoped were temporary have stretched into the new year. Some...