The Central Bureau of Investigation on Tuesday informed the Supreme Court that it would file an 80,000-page charge sheet in the 2G spectrum allocation scam against the former Communications Minister A. Raja, four former Telecom officials and two companies on April 2. It was originally proposed to be filed on March 31. Senior counsel K.K. Venugopal told a Bench of Justices G.S. Singhvi and A.K. Ganguly that the agency was still...
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Black money trail: I-T dept signs MoUs for conducting study
The government has set the ball rolling for estimating black money by signing agreements with three leading think-tanks NCAER, NIFM and NIPFP to conduct study on unaccounted income generated inside and outside the country. They have been given 18 months to complete the study and also suggest administrative and legal measures to prevent generation of black money, according to sources. The first study on unaccounted money was conducted by NIPFP way back...
More »Bloggers call content regulation a gag on freedom by Srividya Iyer
A proposed government move to regulate content on blogs has ignited a firestorm of protest from the blogging community which is accusing the government of restricting free speech and acting like the guardians of a police state. At the heart of the issue is the Indian IT Act which was amended in 2008 to incorporate the much-needed changes to clarify the legal position of intermediaries or those who provide web-hosting...
More »Trade-based Money Laundering on the rise in India by Shyamal Gupta
The term ‘Money Laundering’ is said to have originated from mafia ownership of Laundromats in the US. Gangsters there were earning huge sums in cash by extortion, prostitution, gambling and bootleg liquor. They needed to show a legitimate source for these monies. Money launderers now resort to the use of apparently legitimate commercial transactions to camouflage their laundering activities. There has been an increasing amount of interest of late in commodity...
More »IMF warns of terror finance
The International Monetary Fund has warned that India faces a range of “Money Laundering and terrorist financing risks” and remains a “significant” target of militant groups. In a report, the IMF appreciated New Delhi’s efforts to tackle the twin problems but raised concerns over the absence of convictions for Money Laundering. The report drawn on July 2010 was released on Monday. “As a leader among the emerging economies in Asia with a strongly...
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