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illegal funds

I-T dept launches major drive against Indians with illegal foreign assets; thousands under scanner

The department, in coordination with their foreign counterparts, is investigating offshore bank deposits and purchase of assets by "thousands of Indians", the officials added.

Oct 22, 2018, 18:09 PM IST

Paris fast replacing Mauritius as tax haven: Report

Till March 31, Mauritius was the preferred location to carry out such business.

Apr 18, 2017, 10:28 AM IST

$181 billion Indian black money stashed in tax havens: Report

A new report on Indians stashing their black money in tax haven and assets abroad illegally is startling.

Mar 21, 2016, 09:29 AM IST

Black money SIT meets; asks agencies to check Bank of Baroda like cases

The SIT on black money on Saturday held a review meeting here and instructed probe agencies to step up their action against those fake firms and entities which are using banking channels to launder huge illegal funds like the recent case at a Bank of Baroda (BoB) branch in Delhi.

Oct 17, 2015, 20:01 PM IST

I-T dept to catch hold of black money holders post Sep 30: CBDT

All "consequences" of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day 'compliance window' on September 30, the CBDT chief warned on Monday.


Sep 21, 2015, 15:35 PM IST

Ponzi schemes: Sebi says acted against 250 firms already

Talking tough on illegal money- pooling schemes, regulator Sebi today said it has passed orders against 250 companies engaged in such activities and has also managed to recover Rs 26 crore from them so far.

Aug 21, 2015, 16:13 PM IST

Black money: Sebi must have monitoring mechanism to study rise of stocks, says SIT

Submitting its recommendations on black money in its third report, the SIT said that Sebi India must study P-note misuse for money laundering.

Jul 24, 2015, 16:38 PM IST

Black money menace: Swiss banks tighten customer due diligence

Facing possible criminal action by India and some other nations over suspected black money, Swiss banks today decided to tighten their due diligence procedures to keep away illicit assets and made it mandatory to identify the beneficial owner of funds parked with them.

Jun 30, 2015, 21:13 PM IST

Take steps to unearth domestic black money: Govt to I-T dept

Parliament recently passed the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015, to deal with black money stashed abroad.

May 25, 2015, 16:13 PM IST

Serious operation needed to combat 'black money cancer': SIT

The Special Investigation Team (SIT) on black money on Friday said a "serious operation" of strictly enacting and enforcing anti-tax evasion laws is the only solution for combating and winning over the "cancerous" menace of illegal funds stashed abroad and within the country.

May 22, 2015, 23:48 PM IST

Black money: India offers cash reward to HSBC whistleblower

As per rules, up to 30 percent of the tax amount realised could be offered to whistleblowers who provide specific information on illegal funds.

Mar 23, 2015, 17:30 PM IST

Budget provisions to check blackmoney much needed: SIT

The Special Investigation Team (SIT) on black money has welcomed the announcements made in the Budget to tackle menace of illegal funds and similar assets stashed abroad even as it cautioned that good results in this direction would come only after new laws and measures are implemented in a proper manner.

Mar 01, 2015, 16:36 PM IST

Absence of treaties with tax haven nations blocking black money fight

Absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.

Nov 12, 2014, 17:05 PM IST

Black money: SIT submits action taken report to SC

The Special Investigation Team (SIT) on black money on Wednesday submitted an action taken report on its findings and recommendations on the illegal funds issue to the Supreme Court.

Aug 20, 2014, 16:48 PM IST

Illegal funds:Ex-MP to challenge trial court order

H S Hanspal, convicted and fined Rs five lakh by a Delhi court for illegally raising funds for a company,said he will challenge the order.

Oct 27, 2012, 19:49 PM IST

Illegal funds being used to foment terror: J&K Guv

Voicing concern over crime groups using illegal funds generated from smuggling, fake currency and hawala racket to fund terror activities, J&K Governor NN Vohra Friday said.

Sep 14, 2012, 13:17 PM IST

'Many countries amending laws for exchange of tax info'

In a major push to its efforts to unearth illegal funds stashed in tax havens, India has got indications from various countries promising strengthening of legal framework for exchange of tax and banking information.

Sep 25, 2011, 14:10 PM IST

Govt to seize illegal funds stashed by foreigners

India will introduce a bill in the monsoon session of Parliament that will enable confiscation of illegal money stashed in India by foreigners, Finance Minister Pranab Mukherjee said Monday.

Jun 13, 2011, 14:32 PM IST