Page-2 of black money
RBI replies to RTI regarding Demonetisation
The minutes of meeting which had approved the demonetisation of Rs 500 and Rs 1000 currency notes has been revealed through RTI. The government had contested that demonetisation would help curb black money and a steep rise in Rs 500 ..
Month: Current Affairs - March, 2019
Government makes mandatory for Banks to match original IDs with photocopies
The Department of Revenue (DoR), Finance Ministry has made it mandatory for banks and financial institutions to check original identification documents of individuals dealing in cash above prescribed threshold to weed out use of forged or fake copies. In this ..
Month: Current Affairs - October, 2017
Ministry of Corporate Affairs, CBDT ink MoU for Automatic and Regular Exchange of Information
The Ministry of Corporate Affairs (MCA) and Central Board of Direct Taxes (CBDT) have signed Memorandum of Understanding (MoU) for automatic and regular exchange of tax information. The purpose of the MoU is to curb the menace of shell companies, ..
Month: Current Affairs - September, 2017
Government to launch Project Insight
The Union Finance Ministry is planning to launch ‘Project Insight’ from October 2017 to monitor high value transactions and detect tax evaders using technology with a view to curbing circulation of black money. To implement the project government has signed ..
Month: Current Affairs - September, 2017
India, Switzerland ink two MoUs in the field of Railways
India and Switzerland have signed two Memorandum of Understandings (MoUs) for exchanging technical cooperation in the field of Railways. They were signed after delegation level talks between Prime Minister Narendra Modi and visiting President of Swiss Confederation Doris Leuthard in ..
Month: Current Affairs - August, 2017
India placed 88th in money hoarded in Swiss banks
As per analysis of the latest figures compiled by the Zurich based SNB (Swiss National Bank) as on 2016-end, India has slipped to the 88th place in terms of money parked by its citizens with Swiss banks. The analysis shows ..
Month: Current Affairs - July, 2017
Black Money: Automatic Information Sharing with Switzerland from 2019
Switzerland has ratified automatic exchange of financial account information with India and 40 other countries. This will facilitate Switzerland to share information about suspected black money with India and other 40 nations. According to the Swiss Federal Council, the implementation ..
Month: Current Affairs - June, 2017
$770 billion Worth of Black Money entered into India during 2005-2014: GFI
US-based think tank Global Financial Integrity (GFI) in its report titled ‘Illicit Financial Flows to and from Developing Countries: 2005-2014’, has estimated that $770 billion worth of black money entered India during 2005-2014. During the same time period, the think ..
Month: Current Affairs - May, 2017
Government constitutes inter-departmental task force to crack down on benami firms
The Union Government has constituted inter-departmental task force comprising members of various regulatory Ministries and enforcement agencies to crack down on benami firms. It is first major post-demonetisation move undertaken by Government for unearthing black money from shell companies used ..
Month: Current Affairs - February, 2017
Government introduces alternative funding mechanism of electoral bonds: Budget
The Union Government has announced two measures in the Budget 2017-18 to bring in greater transparency in funding of political parties. These include capping cash funding by a single anonymous donor to Rs. 2000 (one tenth of the current limit ..