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Black money crackdown News

black money crackdown

26 Feb 2018

Finance Ministry releases names of 9,491 'high risk' NBFCs, details inside

Many of these NBFCs were found converting banned currency notes after demonetisation by receiving cash as deposits and issuing back-dated FDs and cheques.

Shell companies

07 Sep 2017

Black money crackdown: Directors of deregistered companies to face up to 10-year jail for siphoning off funds

It was also decided that the directors of shell companies which have not filed returns for three or more years would be disqualified from holding such position in any other firm.

16 Dec 2016

Black money: Government gives one last chance to hoarders, asks them to come clean by March 2017

Not declaring the black money under the scheme now but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty, the government warned.

28 Nov 2016

New black money scheme proposed; pay 50% tax on unaccounted deposits or 85% if caught

Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 percent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 percent await those who don't disclose but are caught.

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