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Centre receives report on black money

By The Assam Tribune
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NEW DELHI, Aug 2 � The government has received information about Indians having accounts in Swiss banks and is taking appropriate action to bring back funds stashed abroad, Parliament was informed today, reports PTI.

�We have received some information with regard to some deposits in Swiss Bank,� Finance Minister Pranab Mukherjee told the Rajya Sabha.

�Whenever information about money deposited in any foreign bank account is obtained the same is first verified and then action is taken in accordance with law to bring the undisclosed amount to taxation�, he said in a written reply.

The Minister, however, did not disclose the names of accounts holders saying that �information received under the Double Taxation,� Avoidance Agreement (DTAA) is covered by the confidentiality provision of the DTAA�.

He was replying to a query on whether the government has received some information regarding black money deposited in Swiss banks.

Mukherjee further said the government has formulated a five-pronged strategy in this regard.

This comprised joining the global crusade against �black money�, creating an appropriate legislative framework and setting up institutions for dealing with illicit funds, developing systems for implementation and imparting skills to the manpower for effective action.

Further, in absence of any credible information regarding the quantum of black money, the government has roped in three leading think-tanks NCAER, NIFM and NIPFP to conduct a study on unaccounted income generated inside and outside the country.

Memorandums of Understanding (MoUs) have been signed with the Institutes on March 21, 2011. The study is expected to be completed in a period of 18 months at an expenditure of Rs 7.76 crore,� Mukherjee said.

The government has also constituted a high level committee on black money headed by CBDT Chairman to strengthen laws to curb generation of black money in India, its illegal transfer abroad and its recovery.

Meanwhile, in reply to a separate question, Minister of State for Finance S S Palanimanickam currently India has DTAA with 80 countries, while it has signed Tax Information Exchange Agreement (TIEA) with five nations.

�The committee shall consult all stakeholders and submit its report within a period of six months,� Palanimanickam said.

DTAA and TIEA are the two instruments through which information can be obtained from other nations.

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Centre receives report on black money

NEW DELHI, Aug 2 � The government has received information about Indians having accounts in Swiss banks and is taking appropriate action to bring back funds stashed abroad, Parliament was informed today, reports PTI.

�We have received some information with regard to some deposits in Swiss Bank,� Finance Minister Pranab Mukherjee told the Rajya Sabha.

�Whenever information about money deposited in any foreign bank account is obtained the same is first verified and then action is taken in accordance with law to bring the undisclosed amount to taxation�, he said in a written reply.

The Minister, however, did not disclose the names of accounts holders saying that �information received under the Double Taxation,� Avoidance Agreement (DTAA) is covered by the confidentiality provision of the DTAA�.

He was replying to a query on whether the government has received some information regarding black money deposited in Swiss banks.

Mukherjee further said the government has formulated a five-pronged strategy in this regard.

This comprised joining the global crusade against �black money�, creating an appropriate legislative framework and setting up institutions for dealing with illicit funds, developing systems for implementation and imparting skills to the manpower for effective action.

Further, in absence of any credible information regarding the quantum of black money, the government has roped in three leading think-tanks NCAER, NIFM and NIPFP to conduct a study on unaccounted income generated inside and outside the country.

Memorandums of Understanding (MoUs) have been signed with the Institutes on March 21, 2011. The study is expected to be completed in a period of 18 months at an expenditure of Rs 7.76 crore,� Mukherjee said.

The government has also constituted a high level committee on black money headed by CBDT Chairman to strengthen laws to curb generation of black money in India, its illegal transfer abroad and its recovery.

Meanwhile, in reply to a separate question, Minister of State for Finance S S Palanimanickam currently India has DTAA with 80 countries, while it has signed Tax Information Exchange Agreement (TIEA) with five nations.

�The committee shall consult all stakeholders and submit its report within a period of six months,� Palanimanickam said.

DTAA and TIEA are the two instruments through which information can be obtained from other nations.

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