Black money: SIT asks agencies to share data on ongoing case

June 29, 2014

New Delhi, Jun 29: The Special Investigation Team (SIT) on black money has sought details of all major cases of tax evasion and criminal financial fraud being probed by various investigative agencies which are mandated to keep a check on such instances.

Black moneySources said that the SIT headed by retired Supreme Court Justice M B Shah has asked the 11 departments on its panel to furnish fine details of these cases and the status of their probes, including any problems being faced by investigators in taking the cases forward for prosecution or penalty.

The member departments/agencies of SIT are the Department of Revenue (under the Ministry of Finance), RBI, Intelligence Bureau, Enforcement Directorate, CBI, Income Tax department, Narcotics Control Bureau, Directorate of Revenue Intelligence, Financial Intelligence Unit, Research and Analysis Wing and the Foreign Tax and Tax Research wing under the Central Board of Direct Taxes (CBDT).

The sources said the SIT has asked for the data in order to understand the trends and magnitude of the menace of black money and generation of illegal funds in the country, which is done through a variety of ways like evasion of taxes and duties, flouting of foreign exchange laws, creation of disproportionate assets, creation of 'benami' properties within the country and outside and laundering of wealth obtained through illegal and corrupt means.

The departments, they said, are in the process of submitting these details in the stipulated format to SIT and these will be taken up during the next meeting of the panel, expected to take place some time next month.

RBI has recently directed all banks and financial institutions to provide the information and documents sought by the high-profile panel.

The SIT, formed upon the directions of Supreme Court, had its first meeting earlier this month here at the North Block office of the Finance Ministry.

The high-level team has also decided to look into the contentious issue of secrecy clauses in India's tax treaties with Switzerland and other countries.

Retired apex court judge Arijit Pasayat is the Vice Chairman of the SIT while top officials of the 11 high-profile agencies and departments are its members.

After the first meeting of the SIT, the government had said the detailed modalities of proceeding further with the Supreme Court mandate were discussed and the road map decided.

The SIT's mandate, as notified, requires it to go into "all issues relating to matters concerning and arising from unaccounted monies of Hasan Ali Khan and Kashinath Tapariah".

Pune-based Khan, a stud farm owner, was arrested by Enforcement Directorate in connection with money laundering and tax evasion cases. Tapariah is his aide.

The other tasks of SIT include all investigations already started and pending or awaiting to be initiated with respect to any other known instances of the stashing away of unaccounted cash in foreign bank accounts by Indians or other entities operating in India.

The panel has also been empowered "to further investigate even where charge-sheets have been previously filed and SIT may register further cases and conduct appropriate investigations and initiate proceedings for the purpose of bringing back unaccounted monies unlawfully kept in bank accounts abroad."

The SIT will also keep the apex court informed about all major developments by filing periodic status reports in this regard, the government notification had said.

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News Network
March 12,2020

New Delhi, Mar 12: The coronavirus pandemic could deal a crippling blow to the Indian travel and tourism industry, specially with the government suspending all visas, with the economic impact being assessed to run into thousands of crores of rupees. According to industry chamber CII, this is the one of the worst crises ever to hit the Indian tourism industry impacting all its geographical segments - inbound, outbound and domestic, almost all tourism verticals - leisure , adventure, heritage, MICE, cruise, corporate and niche segments.

The whole tourism value chain across hotels, travel agents, tour operations, destinations, restaurants, family entertainment venues and air, land and sea transportation have been hit.

In an impact assessment of the coronavirus pandemic, CII Tourism Committee said inbound foreign tourism of over USD 28 billion in value terms accounts for an average 60-65 per cent between October to March.

"As the news of the virus started picking up from November, the percentage of cancellations started going up in this segment exponentially and is reaching a peak of almost 80 per cent now in March in many Indian locations. The value at risk from this segment will be in multiples of tens of thousands of crores," the CII assessment report said.

With India cancelling all visas, the chamber said the impact "will be worse".

It further said,"The forward bookings for the inbound season of October 2020-March 2021 which should have started picking are all muted. These are showing highly discouraging signs with cancellations of important global travel marts which are marketplaces for contracting for the next season."

It further said there are reports of large scale forward cancellations from NRI segment from developed markets, which account for over 60 per cent during April to September inbound visits.

"Unless the progression of the virus stops, almost the entire value for the remainder of 2020 season is at risk," the report added.

ANAROCK Property Consultants Chairman Anuj Puri said India's hospitality sector will definitely be impacted by the announcement of a global pandemic, and the mounting numbers of confirmed coronavirus cases in the country.

"The cancellation of visas for foreigners as well as the strong advice issued to Indians to refrain from unnecessary travel will have a marked effect. This is the most unsettling healthcare crisis in recent times and hotel bookings will go south," he added.

On Indians being advised to refrain from unnecessary travel, as per the CII report almost 28 million plus Indians are estimated to have travelled outside in 2019 and there were almost 1.8 billion domestic tourist footfalls.

The holiday season of Indians -- those travelling within the country and outside -- is heavy in April-July, October and December.

"The December holiday season of 2019 took an estimated hit of almost 40-50 per cent, the holiday season of April to July 2020 is likely to take a humongous hit which could be as high as 80-100 per cent, unless there is positive news of the progression of virus decreasing," the CII assessment report said.

There are advanced cancellations and highly reduced forward booking pipelines for the holiday season. Only corporates are flying and that too only on highly essential same day travel. Most of the MNCs are advising work from home, stifling travel, it added.

On suspension of visas, MakeMyTrip Group CEO Rajesh Magow told ,"The period between February till the end of March is typically a lean period because of exam season but we are seeing a demand slowdown for the upcoming summer holiday season especially for international travel. The situation remains dynamic making it hard to quantify the actual impact on our business and industry at large."

He further said,"The decision by the government will have an impact on inbound and outbound international travel. So far there are no restrictions or advisories issued for domestic travel."

VFS Global Regional Group COO - South Asia, Middle East and North Africa, Americas Vinay Malhotra said,"While it is too early to comment on the impact of coronavirus on visa application trends, so far, our visa application processes in India continue on schedule as per the mandates of our client governments."

He also said the company is exploring steps to assuage concerns of people about visiting busy public areas due to the nature of the virus by considering discounted rates on courier return services for visa customers who want to avoid returning to the visa centres to pick up their passports.

Besides, he said,"We are also contemplating lower fees for our Visa at your doorstep service, for those customers who are requesting an alternative to visiting the centres to submit visa applications."

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Agencies
February 25,2020

Agra, Feb 25: The architectural grandeur of 17th century Taj Mahal and the story of its construction by Mughal Emperor Shah Jahan left US President Donald Trump "impressed" during his visit to the famed mausoleum, according to the guide who accompanied him.

Nitin Kumar, an Agra-based guide, said the first word the president said after laying his eyes on the marble marvel was "incredible".

He and First Lady Melania Trump visited on Monday the iconic Taj Mahal in Agra, the second stop on his little less than 36-hour-long trip of India, and marvelled at the Mughal-era mausoleum built as a monument of love.

After Dwight David Eisenhower (1959) and Bill Clinton (2000), he became the third US president to visit the architectural icon.

"I told them the story of the Taj Mahal, the construction, and the story behind it. President Trump got very emotional after knowing the story of Shah Jahan and his wife Mumtaz Mahal. How he was kept under house arrest by his own son Aurangzeb, and buried here at Taj, next to Mumtaz's grave, after his death," Kumar told reporters.

The couple was left speechless on the first sight of the monument, and showed interest when they were told about the history and architecture of the dome, and the design details, Kumar said.

"Melania Trump asked about the mud-pack treatment and was amazed when she got to know the details of the process," he said.

One of the most photographed sites in the world, it is always high on the itinerary of head of states visiting India.

The monument was built over a period of nearly 20 years by Shah Jahan in memory of his wife after her death in 1631.

"The Taj Mahal inspires awe, a timeless testament to the rich and diverse beauty of Indian Culture!' Thank You, India," the US President and First Lady jointly wrote in the visitors' book before signing it.

According to Mohammed Zafar, who lives close to Taj Mahal complex, Nitin has been conducting guided tours for many years. "He was selected for this VVIP visit," he said.

"Many people were taking selfies with him, after the end of the visit. So, many media persons interacted with him. He has got some instant fame of sorts," Zafar said.

Authorities at Archaeological Survey of India had "advanced the dates" for mud-pack treatment for the graves of Shah Jahan and Mumtaz Mahal at Taj Mahal in view of the US President Trump's visit to Taj, a senior official had earlier said.

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News Network
April 14,2020

New Delhi, Apr 14: With 1,211 fresh cases of coronavirus reported in the last 24 hours, the total number of confirmed cases of COVID-19 in the country has reached 10,363 including 339 deaths, said Lav Aggarwal, Joint Secretary, Health and Family Welfare, here on Tuesday.

As many as 1,036 people have recovered from the disease so far, said Aggarwal during the daily media briefing on the coronavirus. "In one day, 179 people were diagnosed and found cured," he added.

"A total of 10,363 confirmed cases have been reported in India including 339 deaths and 1,036 people, who were COVID-19 positive have recovered. Out of the total deaths, 31 deaths have been reported in the last 24 hours," said Aggarwal.

Aggarwal said that an evaluation of each district and city will be done till April 20.

"An evaluation of each district and city will be done till April 20 in which it will be evaluated what measures did that authorities take in these cities and districts to combat COVID-19," he said.

"Based on the results of this litmus test approach, permission will be granted for some selective activities to those districts and cities which controlled the situation effectively. Detailed guidelines will be issued soon," he added.

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