HSBC gets summons from Indian Tax Dept; fears significant fines

HSBC gets summons from Indian Tax Dept; fears significant fines

The bank said it is being probed by tax authorities in many other countries as well with regard to alleged irregularities by its Swiss banking unit and there could be "significant" amounts of fines, penalties and/or forfeitures imposed on it.

Indian fund flows are dealt with more carefully: Mauritius

Often accused of being a conduit for black money to and from India, Mauritius has said it is "extra careful" when dealing with fund flows involving Indian entities, as compared to those from other countries.

Kingfisher has to pay arrears as soon as possible: CBEC

The tax department on Wednesday said it will not provide any "leeway" to Kingfisher Airlines in paying arrears of about Rs 60 crore and the firm has to pay the dues as soon as possible.