-The Times of India The finance ministry is devising a voluntary tax disclosure scheme that could provide amnesty to people who have stashed unaccounted money in tax havens and other jurisdictions abroad by charging them a "levy". Finance minister Pranab Mukherjee, after a meeting with industry captains recently, activated a committee on black money set up last year to work out a scheme on voluntary disclosure. This scheme will allow corporates and...
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Tackling Black Economy: SC Takes Control from Government by Arun Kumar
The Supreme Court has converted a high-powered committee of the Government of India, on the issue of black money, into an SIT under its own direction. This is an expression of no-confidence in the executive. The government’s intention in tackling either the problem of black economy or bringing back the black savings stashed abroad is suspect. According to reports, the money stashed abroad by the corrupt businessmen, politicians and others...
More »ICAI report on black money to be ready in Sept
-PTI The Institute of Chartered Accountants of India (ICAI) today said it would submit its report to the government in September, suggesting changes required in the key economic Acts such as Income Tax and FEMA to tackle the menace of black money and ways of retrieving it from tax havens abroad. ICAI had said earlier this month that the report was expected in August. A committee, headed by ICAI President G Ramaswamy, is...
More »Lokayukta report on illegal mining names Yeddyurappa, Kumaraswamy by Johnson T A
Bangalore : Karnataka Chief Minister B S Yeddyurappa, currently holidaying in Mauritius, is among a slew of politicians set to be named in a damning Lokayukta report on the illegal plunder of Karnataka’s iron ore resources over the decade. Cutting across party lines, the 8,000-page report also names the Reddy brothers of Bellary, Congress Rajya Sabha MP Anil Lad, former chief minister H D Kumaraswamy and BJP MLA Anand Singh. While it...
More »The black money monster
-The Times of India The high drama over Baba Ramdev's midnight eviction and action against the peaceful gathering has shifted the focus away from the central is sue raised by the Baba – black money overseas – to the right to protest in a democracy. This being the case, there is danger of an uninformed debate on black money taking over, guided more by emotions and populist talk rather than...
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