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.

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News Network
June 6,2020

United Nations, Jun 6: The COVID-19 pandemic, which has presented challenges for several nations, could be an “opportunity” for India to speed up the health insurance scheme Ayushman Bharat, especially with a focus on primary healthcare, WHO chief Tedros Adhanom Ghebreyesus has said.

WHO Director-General Ghebreyesus was responding to a question on the COVID-19 situation in India, where the number of coronavirus cases are increasing rapidly. India went past Italy on Friday to become the sixth worst-hit nation by the COVID-19 pandemic.

India saw a record single-day jump of 9,887 coronavirus cases and 294 deaths on Saturday, pushing the nationwide infection tally to 2,36,657 and the death toll to 6,642, according to the health ministry.

"Of course COVID is very unfortunate and it's challenging for many nations but we need to look for opportunities too. For instance for India, this could be an opportunity to speed up Ayushman Bharat, especially with a focus on primary health care. I know there is a very strong commitment from the government to speed up the implementation of Ayushman Bharat and with primary healthcare and community engagement, I think we can really turn the tide,” Ghebreyesus said during a press briefing in Geneva on Friday.

Ayushman Bharat is the world’s largest health insurance scheme and was launched by the Narendra Modi government in 2018. Last month, Modi had said that the number of people who have benefited from the scheme crossed the one crore-mark.

The scheme aims to cover more than 500 million beneficiaries and provide coverage of Rs 500,000 per family per year.

Referring to the Ayushman Bharat scheme, Ghebreyesus added that “using and speeding up what has started could actually help in India and that's what WHO was very appreciative by the way when Ayushman Bharat started. And this could be a very good opportunity actually to test that and speed up and use it to really fight this pandemic.”

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News Network
February 28,2020

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

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News Network
January 30,2020

Baharampore, Jan 30: Two persons were killed and one was injured in a clash over a protest programme against the CAA and the proposed NRC in West Bengal's Murshidabad district on Wednesday, police said.

The incident occured after an argument broke out between the two sides at Jalangi over a protest programme opposing Citizenship Amendment Act.

According to the police, a scuffle broke out between the local TMC leaders and residents' forum 'Nagarik Mancha', which was observing a shutdown in the area against the amended citizenship act and the proposed country-wide NRC.

The residents' forum was asked to withdraw the shutdown and the situation turned violent as both sides came to blows and hurled bombs at each other. Several two-wheelers and cars were damaged and set on fire during the clash.

Local TMC MP Abu Taher, denied that the party was involved in the clash and alleged that the violence was by Congress and CPI(M) supporters.

"I have requested the police to look into the incident. The culprits should be immediately arrested," he said.

Senior Congress leader and MLA Manoj Chakraborty said that the party was not involved in the incident and demanded judicial inquiry into it.

The injured have been rushed to Murshidabad Medical College and Hospital here, the police said.

The Muslim-majority district had witnessed violence and arson during the anti-CAA protests across the state in December last year.

West Bengal became the fourth state after Left-ruled Kerala, and Punjab and Rajasthan, where the Congress is in power, to have passed a resolution on January 27 against the Citizenship (Amendment) Act. The state assembly had on September 6, 2019, passed a resolution against NRC.

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