New Delhi: The illicit outflow of money from India has been estimated at $104 billion as of December last year, according to a report of the Global Financial Integrity (GFI). This has been disclosed by the white paper on black money tabled in Parliament on Monday. But the report does not give any estimate of the government about either black money in India or the amount stashed away in banks...
12:33 AM, May 22, 2012
New Delhi: Days after CBI Chief's statement that Indians are the largest depositors in Swiss banks, Switzerland on Thursday said such estimates and statistics lack evidence and are uncorroborated. In an unusual step, the Embassy of Switzerland here issued a press release saying, "it wishes to make a clarification in view of unsubstantiated media reports that have been recently published about Switzerland and Swiss Banks." But, the release, which did...
06:07 PM, Feb 16, 2012
Speaking on the issue, CBI Director AP Singh said the largest depositors in Swiss Banks were reported to be Indians. ...
05:44 PM, Feb 13, 2012
New Delhi: Indians are the largest depositors in banks abroad with an estimated $ 500 billion (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...
03:19 PM, Feb 13, 2012
New Delhi: The Black money debate has returned to haunt the UPA, even as the Income Tax Department has started probing accounts of 782 Indians in a Swiss bank for suspected black money. A list of the top Indian black money account holders of HSBC bank in Switzerland could make things more difficult for the Centre, as the list includes the who's who of the country - one reason why...
09:07 PM, Nov 01, 2011
New Delhi: The Income Tax department is looking at 782 Indian accounts in HSBC Geneva for suspected black money. Sources said a probe into some of the Indian account holders with over Rs 3000 crores in deposits are being probed. The list was not officially given by the Swiss government, added the sources. Finance Minister Pranab Mukherjee says the government will reveal more foreign banks when there is enough information...
01:45 PM, Nov 01, 2011
Geneva: The Swiss Bankers Association lashed out on Monday at the possibility of another tax treaty with the United States aimed at handing over details of Americans suspected of using Swiss banks to cheat on their taxes. The trade group's chairman, Patrick Odier, urged the Swiss people and the government to "put up a united front" and work out a solution that applies to all countries. He said that the...
06:34 PM, Sep 05, 2011
New Delhi: Names of chronic income tax defaulters would be made public as part of government's crackdown on tax evasion and black money. Finance Minister Pranab Mukherjee disclosed on Sunday that the government was working on a number of strategic initiatives to curb generation of black money and for its detection, including the feasibility and methodology of putting the names of chronic tax defaulters in public domain. The minister, who...
01:39 PM, Jul 31, 2011
Geneva: It's official now - Indians hold about $ 2.5 billion (over Rs 11,000 crore) in Swiss banks, but this figure of Switzerland's central bank may be a gross understatement of the total wealth directly and indirectly held there by entities from India. The ever-growing judicial scrutiny and political outcry over alleged stashing of black money in Swiss banks also seems to be forcing Indian entities to move their monies...
07:31 AM, Jul 25, 2011
New Delhi: The committee set up by Central Government on black money will meet later this week in Delhi for the first time. The committee under the chairmanship of the chief of Central Board of Direct Taxes (CBDT) will examine ways for strengthening laws to curb generation of black money and prevent its transfer abroad, besides recovering such illegal assets. A statement from the Union Finance Ministry on May 28...
04:10 PM, Jun 06, 2011
Bangalore: Lokpal Bill joint draft committee member Arvind Kejriwal on Saturday alleged that vested interests seemed to have ganged up to discredit the proposed legislation by unleashing a sustained campaign to spread misconceptions and falsehood. He said vested interests first made an attack on the individual members of the committee and now they are attacking the bill per se questioning the provisions of the bill by spreading wrong information about...
05:26 PM, May 28, 2011
New Delhi: The Supreme Court on Wednesday reserved its order on a plea to set up a special investigation team (SIT) to track the black money stashed away in foreign banks and to take steps for bringing it back to the country. A bench of justices B Sudershan Reddy and S S Nijjar also reserved its verdict on a petition seeking directions to the government to make public the names...
01:12 PM, May 04, 2011
New Delhi: While Congress on Wednesday dismissed WikiLeaks chief Julian Assange's remarks about the Indian black money stashed in Swiss banks, saying it will not join issue with individuals or comment on "hearsay", BJP alleged the UPA government was not making any effort to bring it back despite being pulled up by the Supreme Court. "At the last count, there are 130 embassies and high commissions in New Delhi. If...
04:42 PM, Apr 27, 2011
Philippe Welti alleges that India has not done enough to get information on money laundering. ...
08:58 AM, Mar 29, 2011
Kolkata: In an exclusive interview with CNN-IBN, Swiss Ambassador Philippe Welti has rubbished India's claim that trillions of dollars are stashed away in Swiss banks. Embarrassing the Government India, Welti has alleged that the Centre has not done enough to get information on money laundering. The Government hasn't filed a single application in a proper manner agreed upon by the two governments in its double taxation treaty to access such...
08:17 AM, Mar 29, 2011
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