-The Economic Times While there are ripples in political circles over the estimated black money stashed by Indians in tax havens abroad - as quoted by the Central Bureau of Investigation chief Amar Pratap Singh on Monday - sources say that the agency has arrived at the figure following cross-checking several sources, reports and a rough estimation.  "Most of the illegal money abroad forms part of tax evasion by individuals and companies,"...

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...

-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...

-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...

-The Economic Times Finance minister Pranab Mukherjee has said he had directed three institutions - NIPFP, NIFM and NCAER - to come out with a defendable assessment of the quantum of black money stashed away by Indians in foreign banks. Replying to the discussion on the adjournment motion moved in the House by BJP veteran LK Advani on "the situation arising out black money deposited illegally in foreign banks", Mukherjee declared...