-The Times of India A study commissioned by the government last year on quantifying black money generated in the country has estimated that the illicit wealth is likely to exceed 10% of GDP or anywhere above Rs 10 lakh crore, given the size of the economy. The 1,000-page report was submitted to the finance ministry by the National Institute of Public Finance and Policy (NIPFP) in the last week of December. The...

-PTI The government has slapped a notice of Rs. 5 crore demand on trusts run by Ramdev in connection with alleged service tax evasion while organising their yoga camps. Claiming that shivirs (camps) undertaken by Patanjali Yoga Peeth and Divya Yoga Trust in Haridwar were commercial activity, the revenue department has raised a demand of Rs. 5.14 crore payable on fees collected from individuals for learning Yoga, officials said. "The directorate general...

-WeeklyBlitz.net As India is approaching towards a general election in less than a year, the leader of ruling Indian National Congress has been listed as world's fourth richest politician with a total wealth of over US$ 18 billion, which is invested in real estate, telecommunication and various business projects around the world, while significant portion of the amount is also deposited in secret bank accounts. Italian born Indian politician Sonia Gandhi...

-Outlook At least five of the 13 coal blocks allocated when Madhu Koda was the Chief Minister of Jharkhand are under the CBI scanner for alleged irregularities in the applications submitted by the beneficiary firms. CBI sources said today preliminary investigations have shown there were alleged irregularities in the allocation of at least five coal blocks during the tenure of Koda--between September 2006 and August 2008. During the two-year period, the sources said...

-Outlook The Income Tax Department today said it is investigating cases of black money holders on the basis of information furnished by foreign countries and will initiate prosecution proceedings wherever required. The department has taken a similar action against those individuals who figured in the LGT bank accounts list. "These cases are spread across the length and breadth of the country according to the Assessing Officers (AO) having jurisdiction. "They (AO) are quasi-judicial authorities...