-The Times of India NEW DELHI: The Cabinet on Tuesday cleared introduction of the black money bill later this week, including a provision to allow the government to launch a one-time compliance scheme for those with black money abroad to come clean before the new law kicks in. The details of the compliance scheme, including the penalty, are expected to be announced as part of the rules. The offer for full disclosure...

-PTI NEW DELHI: Cracking down on erring NGOs, government has cancelled licences of 1,142 NGOs belonging to undivided Andhra Pradesh, under which they get foreign funds, for not filing their annual returns for three consecutive years. The foreigners division of the home ministry has served notices to NGOs on October 16, 2014 for not filing their returns for 2009-10, 2010-11 and 2011-12 under the Foreign Contribution (Regulation) Act and given time to...

-The Indian Express Unused priority sector lending funds of commercial banks will be used to set up the Rs 20,000 crore corpus of the proposed MUDRA Bank. The bank will use at least 65 per cent of its funds for lending to micro enterprises run by members of scheduled castes and tribes. Typically, domestic commercial banks deposit their lending shortfall from priority sector to the Rural Infrastructure Development Fund of the NABARD...

-Business-Standard Even funds for disaster relief being impeded when these come from international bodies Late last year, Caritas India, a venerable and respected voluntary organisation that has responded with alacrity to one Indian humanitarian crisis after another, sent out an appeal through its international network for funds for contributions to relief and rehabilitation work in Jammu and Kashmir, where devastating floods and landslides in September had claimed 282 lives and damaged 2.53...

-Hindustan Times With a number of non-governmental organisations (NGOs) coming under income tax scanner for not filing returns, the Institute of Chartered Accountants of India (ICAI) has told the government to bring them under a single and independent regulatory body. The apex body, in a recent note to the government, has said that the setting up of the central regulatory body would make it easier for it to keep a watch on...