‘Watchman’ Govt keeping close lookout for overseas black money entering India
Advertisement
Advertisement
Yogaguru Since most people with black money stashed overseas follow traditional channels of gold and diamond shipments,
In the annual budget this year, Jaitley had proposed to bring customs offences such as false declaration and false documents under the money-laundering act.
Revenue agencies have already detected a rise in trade-based laundering with multiple modus operandi -- such as the export and import of low-value goods that are declared high-value items -- being employed to bring funds into the country.
According to the financial daily, there is a sudden jump in export turnover or increase in import volumes could trigger an alarm, which authorities have now greater powers to investigate and prosecute.
Advertisement
In a bid to speed up the process, Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 has been passed last month. The law requires residents to disclose foreign income and assets from the assessment year beginning April 1, 2016, and prescribes stiff monetary penalty and imprisonment up to 10 years for failure to do so.
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market