Offshore Money

Twenty-seven people are set to go on trial on Monday for money laundering in connection with the "Panama Papers" tax evasion scandal, which revealed how many of the world's wealthy stashed assets in offshore companies.

As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued show cause notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act (PMLA).

The Indian government has mandated offshore online gaming companies operating in the country to register the business locally or appoint a representative to pay tax on funds collected from customers. The move to tax online gaming companies has shocked the nascent $1.5 billion (nearly Rs. 12,430 crore) industry, which is backed by global investors.

Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.

In Australia, the federal police have formed a new unit whose one-track job would be to sniff out illicit money transfers happening through crypto assets. With increasing scrutiny over the sector, the Australian police force is aiming to delve deeper into understanding the models of organised financial crimes.

Russia still has about $300 billion of foreign currency held in offshore swaps -- enough to disrupt money markets if they are frozen by sanctions or moved suddenly to avoid them.

Gautam Adani's personal fortune tumbling by about $13.2 billion to $63.5 billion after a media report raising questions about some offshore investors triggered a rout in his conglomerate's six listed stocks

The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday.

The Special Investigation Team (SIT) on black money has asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions.

On day two, today, the Lok Sabha will debate cases of fraud and scams in the banking sector under Rule 193 which does not entail voting at the end of the discussion. The Congress has demanded that Prime Minister Narendra Modi make a statement in Parliament on steps being taken by him to bring back the accused in bank frauds, and alleged that the pe...

Stepping up the probe into the Panama Papers scandal, the Income Tax Department has slapped criminal charges under the new anti-black money law and launched fresh assessment of stashed offshore income against over half-a-dozen Indian entities in the list, sources said

Money parked by Indians in Switzerland's banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

Pakistan Prime Minister Nawaz Sharif today dodged disqualification after a split decision by the Supreme Court which ordered a joint investigation in allegations against him in the "Panama Papers" leaks. Mr Sharif, 67, has denied any wrongdoing, but the Supreme Court agreed to investigate his family's offshore wealth late last year after opposition...

The company will close the deal and pay the Gujarat State Petroleum Corporation (GSPC) the money after regulatory approvals like government nod for transfer of PI (participating interest).

Sebi) has shared with the government a list of foreign fund houses that are found to have issued the Offshore Derivative Instruments (ODIs) to Indian nationals.

Twenty-seven people are set to go on trial on Monday for money laundering in connection with the "Panama Papers" tax evasion scandal, which revealed how many of the world's wealthy stashed assets in offshore companies.

As part of compliance action against the offshore entities, Financial Intelligence Unit India (FIU IND) has issued show cause notices to nine offshore Virtual Digital Assets Service Providers (VDA SPs) under Section 13 of the Prevention of Money Laundering Act (PMLA).

The Indian government has mandated offshore online gaming companies operating in the country to register the business locally or appoint a representative to pay tax on funds collected from customers. The move to tax online gaming companies has shocked the nascent $1.5 billion (nearly Rs. 12,430 crore) industry, which is backed by global investors.

Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.

In Australia, the federal police have formed a new unit whose one-track job would be to sniff out illicit money transfers happening through crypto assets. With increasing scrutiny over the sector, the Australian police force is aiming to delve deeper into understanding the models of organised financial crimes.

Russia still has about $300 billion of foreign currency held in offshore swaps -- enough to disrupt money markets if they are frozen by sanctions or moved suddenly to avoid them.

Gautam Adani's personal fortune tumbling by about $13.2 billion to $63.5 billion after a media report raising questions about some offshore investors triggered a rout in his conglomerate's six listed stocks

The Income Tax Department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday.

The Special Investigation Team (SIT) on black money has asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions.

On day two, today, the Lok Sabha will debate cases of fraud and scams in the banking sector under Rule 193 which does not entail voting at the end of the discussion. The Congress has demanded that Prime Minister Narendra Modi make a statement in Parliament on steps being taken by him to bring back the accused in bank frauds, and alleged that the pe...

Stepping up the probe into the Panama Papers scandal, the Income Tax Department has slapped criminal charges under the new anti-black money law and launched fresh assessment of stashed offshore income against over half-a-dozen Indian entities in the list, sources said

Money parked by Indians in Switzerland's banks nearly halved to 676 Swiss francs (about Rs 4,500 crore) in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

Pakistan Prime Minister Nawaz Sharif today dodged disqualification after a split decision by the Supreme Court which ordered a joint investigation in allegations against him in the "Panama Papers" leaks. Mr Sharif, 67, has denied any wrongdoing, but the Supreme Court agreed to investigate his family's offshore wealth late last year after opposition...

The company will close the deal and pay the Gujarat State Petroleum Corporation (GSPC) the money after regulatory approvals like government nod for transfer of PI (participating interest).

Sebi) has shared with the government a list of foreign fund houses that are found to have issued the Offshore Derivative Instruments (ODIs) to Indian nationals.