Black money: India gets 24,000 pieces of secret foreign data

August 10, 2014

Black moneyNew Delhi, Aug 10: In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.

These cases are now under investigation by the taxman even as the Special Investigation Team (SIT) on black money has set its eye on tracking the outcome of this classified information which has been received from over a dozen countries during the 2013-14 fiscal year.

The bulk of the information on these foreign accounts and statements, with a basic fledgling domestic connect in each of them, has been received from New Zealand, followed by Spain, the United Kingdom, Sweden and Denmark.

According to the data accessed by PTI and provided to the SIT by the Finance Ministry, its special unit designated for the task and placed under CBDT received a total of 24,085 pieces of data under the automatic tax information exchange route, which is also the legal treaty for exchange of data related to tax matters.

Central Board of Direct Taxes (CBDT), which uses Double Taxation Avoidance Agreements (DTAAs) and the Tax Information Exchange Treaties (TIEAs) to obtain such data, has reported to SIT that these figures have increased as compared to last year and are set to "explode" in the future.

"Automatic exchange of tax information is done as per the norms set by OECD," said the finance ministry report.

The Paris-based Organisation for Economic Cooperation and Development (OECD) is a global body which sets international tax and economic policies which are followed by over 34 member countries, including India.

While New Zealand shared 10,372 pieces of data with Indian authorities, the share of the other countries was: Spain (4,169), UK (3,164), Sweden (2,404), Denmark (2,145), Finland (685), Portugal (625), Japan (440) and Slovenia (44).

Other countries which responded to India's request with relatively smaller pieces of data in the last fiscal include Australia, Mexico, Italy and Trinidad and Tobago.

Sources privy to the development said the data, which was received in batch-wise dockets over the last fiscal, has now been sent to the various ranges of the Income Tax department and, in some cases, to the investigation units of the department for full verification under tax laws.

"Some pieces of data also have the foreign bank account details of the holder," they said.

For this exclusive liaison with foreign tax authorities, CBDT has created an Exchange of Information (EoI) cell in its set-up and has strengthened its protocols over the last three years after the clamour for unearthing black money gained momentum in the country.

Since it was notified two months back, the Supreme Court- appointed SIT in this matter, headed by Justice (retd) MB Shah, and with 11 other investigative and enforcement agencies as part of it, is exclusively dealing with the issue.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 7,2020

New Delhi, May 7: Prime Minister Narendra Modi on Thursday hailed people leading the fight against coronavirus and said India is standing firmly with those facing difficult times during the pandemic, both in the country and abroad.

He also said India's development will always aid global growth.

Speaking at a global virtual Buddha Purnima event, Modi said, "People world over working selflessly for others in these difficult times are worthy of praise."

"India is standing strong and selflessly in these difficult times with those facing trouble in India or abroad. India's growth will always be aiding global growth," he said.

Buddha Purnima celebrations are being held virtually due to the COVID-19 pandemic.

The event is being organised in the honour of COVID-19 victims and frontline warriors.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 10,2020

New Delhi, Fevb 10: Of the countries most at risk of importing coronavirus cases, India ranks 17th, researchers have found on the basis of a mathematical model for the expected global spread of the virus that originated in China's Wuhan area in December 2019.

So far, India has reported three coronavirus positive cases -- all from Kerala.

Among the airports in India, the Indira Gandhi International Airport in New Delhi is most at risk, followed by airports in Mumbai, Kolkata, Bengaluru, Chennai, Hyderabad and Kochi, according to the model.

The new model for predicting global novel coronavirus cases has been developed by researchers from Humboldt University and Robert Koch Institute in Germany.

"The spread of the virus on an international scale is dominated by air travel," said the study.

"Wuhan, the seventh largest city in China with 11 million residents, was the relevant major domestic air transportation hub with many connecting international flights before the city was effectively quarantined on January 23, 2020, and the Wuhan airport was closed. By then the virus had already spread to other Chinese provinces as well as other countries," it added.

The researchers said that it is possible to estimate how likely it is that the virus spreads to other areas by looking at air travel passenger numbers.

"The busier a flight route, the more probable it is that an infected passenger travels this route. Using these probabilistic concepts, we calculate the relative import risk to other airports. When calculating the import risk, we also take into account connecting flights and travel routes that involve multiple destinations," said the study.

The top 10 countries and regions at risk of importing coronavirus cases are: Thailand, Japan, South Korea, Hong Kong, Taiwan, USA, Vietnam, Malaysia, Singapore and Cambodia, according to the model.

While Thailand's national import risk is 2.1%, it is 0.2% for India, found the research.

The foundation of the model is the worldwide air transportation network (WAN) that connects approximately 4,000 airports with more than 25,000 direct connections.

The model accounts for both, the current distribution of confirmed cases in mainland China as well as airport closures that were implemented as a mitigation strategy.

This network theoretic model is based on the concept of effective distance and is an extension of a model introduced in the 2013 paper "The Hidden Geometry of Complex, Network-Driven Contagion Phenomena" published in the journal Science.

The current outbreak of the 2019-nCoV virus started in Wuhan city, Hubei province, China. While the first cases were reported as early as December 8, 2019, the outbreak gained global attention on December 31, 2019, when the World Health Organization was alerted to "several cases of pneumonia" by an unknown virus.

The new virus was soon identified as a novel coronavirus and named 2019-nCOV. It belongs to the family of viruses that include the common cold and viruses such as SARS and MERS. On January 20, 2020, it was confirmed that the coronavirus can be transmitted between humans, greatly increasing the risk of a global spread.

The death toll due to the novel coronavirus outbreak in China has increased to 811 on Sunday, surpassing that of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2003.

Although about 20 countries have confirmed cases, China has accounted for about 99 per cent of those infected. The first foreign victims of the virus both died on Saturday in Wuhan.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 2,2020

New Delhi, Jan 2: Thirteen firefighters were among the 14 people injured when a battery factory collapsed in northwest Delhi's Peera Garhi following an explosion due to a fire that broke out early on Thursday morning, officials said.

A fire brigade personnel still remained trapped under the debris of the building in Udyog Nagar area, an official said.

A large portion of the two-storey building collapsed following an explosion when firefighters were dousing the blaze, the official said, adding that fire department had received a call at 4.23am.

Plumes of smoke billowed out from the building as the fire brigade personnel battled to contain the blaze. An eyewitness said several explosions were heard as the blaze gutted down the building.

The National Disaster Response Force (NDRF) and civil authorities rushed to the spot to control the situation, an official said, adding that 35 fire tenders were at the spot.

The injured, including a security guard of the factory, were rushed to nearby hospitals, a police officer said.

Chief Minister Arvind Kejriwal said he was monitoring the situation.

"V sad to hear this. Am closely monitoring the situation. Fire personnel trying their best. Praying for the safety of those trapped," Kejriwal tweeted.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.