Blackmoney

The Income Tax Department has detected an alleged cash-for-seat scam running in some Karnataka-based medical colleges, as the CBDT said over Rs 400 crore blackmoney has been generated in the name of capitation fee by these institutions.

Cash and suspected illegal inducements for voters such as liquor seized in poll-bound Bihar have been valued at over Rs 35 crore, a figure much more than what was impounded by surveillance teams during the last assembly polls in 2015, according to the latest Election Commission data.

The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.

The Income Tax Department, a top government official told PTI, has collected a tax of Rs 2,451 crore till now from these declarations.

Last week, the Income Tax Department came out with the second list of 5.56 lakh account holders under its 'Operation Clean Money'.

"The response (to the PMGKY) has not been so good...about Rs 5,000 crore of income was declared in PMGKY. There are mainly two factors for it.

Three employees of Union Bank of India, Kanpur have been booked by the CBI for alleged cheating in the conversion of demonetised currency notes to the tune of over Rs 1 crore to "conceal blackmoney" of some people. The agency has registered a case of criminal conspiracy, cheating and corruption against these official for exchanging demonetised note...

Delivered a talk on "The Surprise that is the Indian Economy" at the Indian Institute of Management, Ahmedabad, Arvind Subramanian said the need was to adopt a carrot and stick approach to prevent the flow and generation of black money.

As part of efforts to combat blackmoney and fake currency through demonetisation, government agencies have conducted over 1,100 searches and issued 5,100 notices to verify suspicious high-value cash deposits.

Demonetisation has led to a jump in bank deposit as withdrawals are restricted and blackmoney cash is switching to the banking channel.

Sources said the government is keen to root out benami deposits, particularly in Jan Dhan accounts.

India will start getting financial information of accounts held by Indians in Swiss banks on automatic basis from September 2019, a move that will help fight the menace of black money stashed abroad.

Hitting out at Opposition parties protesting against demonetisation, Union Textiles Minister Smriti Irani today claimed those who have been "robbed of black money" in the wake of the Centre's move, are not letting Parliament work.

Income Tax Department may slap a hefty 200 per cent penalty on unexplained high cash deposits in banks even before annual tax returns are filed, Finance Ministry said.

Government is looking into sudden 'propping up' of money into zero-balance Jan Dhan accounts, after an unprecedented Rs 2 lakh crore of cash flooded the banking system within just two days of demonetisation of high value currency.

The Income Tax Department has detected an alleged cash-for-seat scam running in some Karnataka-based medical colleges, as the CBDT said over Rs 400 crore blackmoney has been generated in the name of capitation fee by these institutions.

Cash and suspected illegal inducements for voters such as liquor seized in poll-bound Bihar have been valued at over Rs 35 crore, a figure much more than what was impounded by surveillance teams during the last assembly polls in 2015, according to the latest Election Commission data.

The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.

The Income Tax Department, a top government official told PTI, has collected a tax of Rs 2,451 crore till now from these declarations.

Last week, the Income Tax Department came out with the second list of 5.56 lakh account holders under its 'Operation Clean Money'.

"The response (to the PMGKY) has not been so good...about Rs 5,000 crore of income was declared in PMGKY. There are mainly two factors for it.

Three employees of Union Bank of India, Kanpur have been booked by the CBI for alleged cheating in the conversion of demonetised currency notes to the tune of over Rs 1 crore to "conceal blackmoney" of some people. The agency has registered a case of criminal conspiracy, cheating and corruption against these official for exchanging demonetised note...

Delivered a talk on "The Surprise that is the Indian Economy" at the Indian Institute of Management, Ahmedabad, Arvind Subramanian said the need was to adopt a carrot and stick approach to prevent the flow and generation of black money.

As part of efforts to combat blackmoney and fake currency through demonetisation, government agencies have conducted over 1,100 searches and issued 5,100 notices to verify suspicious high-value cash deposits.

Demonetisation has led to a jump in bank deposit as withdrawals are restricted and blackmoney cash is switching to the banking channel.

Sources said the government is keen to root out benami deposits, particularly in Jan Dhan accounts.

India will start getting financial information of accounts held by Indians in Swiss banks on automatic basis from September 2019, a move that will help fight the menace of black money stashed abroad.

Hitting out at Opposition parties protesting against demonetisation, Union Textiles Minister Smriti Irani today claimed those who have been "robbed of black money" in the wake of the Centre's move, are not letting Parliament work.

Income Tax Department may slap a hefty 200 per cent penalty on unexplained high cash deposits in banks even before annual tax returns are filed, Finance Ministry said.

Government is looking into sudden 'propping up' of money into zero-balance Jan Dhan accounts, after an unprecedented Rs 2 lakh crore of cash flooded the banking system within just two days of demonetisation of high value currency.