Operation Clean Money: I-T dept to exhibit anti-black money drive on R-Day

For the first time, an Income Tax Department tableau will roll down the Rajpath during the Republic Day parade, showcasing its special anti-black money drive that was launched post demonetisation.
The tableau will depict the Operation Clean Money (OCM), its salient features and people's contribution towards the drive which was launched by the I-T department on January 31 last year.
Its two editions have been rolled out by the policy-making body of the I-T Department, the Central Board of Direct Taxes (CBDT), till now.
"The tableau will showcase the OCM which is an initiative of the taxman against black money," a senior official said.
"As the drive against black funds is a major flagship of the government, the tableau will speak about clean money and how it can be used to create a strong country," the official added.
He said this will be the first time that the department's float will be a part of the Republic Day parade on the Rajpath, which witnesses representations from the armed forces besides various states and ministries.
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Govt may soon be able to seize assets of economic offenders who flee India

The law ministry has given its concurrence to a draft bill that will give powers to the government to confiscate property of economic offenders and defaulters who flee India, albeit with a new provision, official sources said.

It wants a "Saving Clause" to be incorporated in the Fugitive Economic Offenders Bill 2017 before it is introduced in the Lok Sabha in the ensuing winter session of Parliament, they said.

A saving clause provides for certain exception(s) in a statute. It enables the repealed law to be in force with respect to some existing rights.

The proposed law will be applicable in cases where the value of offences is over Rs 100 crore.

The bill flows from Finance Minister Arun Jaitley's 2017 -18 Budget speech promising legislative changes or even a new law to confiscate the assets of such fugitives. It seeks to deter economic offenders from evading the process of Indian law by fleeing the country.

The bill proposes to allow the Financial Intelligence Unit (FIU), the premier technical snoop wing under the finance ministry, to file an application for the declaration of fugitive economic offender for confiscation of their assets.

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CBI detects over 300 shell companies used to divert money worth Rs 2,900 cr

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2,900 crore has been unearthed by the CBI during its probe into such cases over the last three years.

CBI sources said the shell companies were allegedly being used by the accused to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money.

Round-tripping is sending money abroad to tax havens in the guise of payments for fake imports through shell companies and bringing back that money showing it as foreign investment.

The findings of the CBI are just a tip of the iceberg as these are only those cases where the agency has been able to find legally-tenable evidence of money trail, cheating and diversion of funds to cheat the banks, said the sources not willing to the named.

The murky activities have been exposed during the CBI probe into various loan fraud cases involving 28 public sector banks and one private bank, the sources said.

Besides this, the agency is probing about 200 cases involving funds of at least Rs 30,000 crore, the sources said.

The CBI is prosecuting these companies for corruption and scheduled offences associated with it.

In addition, it will also refer these cases to other investigating agencies for action under other laws like Companies Act, Prevention of Money Laundering Act, Benami Transactions (Prohibition) Act and the Income Tax Act etc, the sources added.

The agency has not only "exposed" these shell companies but also gathered enough material which would "plug" the possibility of them being used for any further operation, the sources claimed.
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Operation clean money: 1 cr accounts scanned; 18 lakh clarifications sought

Latest News - In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as one crore accounts and asked 18 lakh people to explain the source of their funds.

The tax department has run big data analytics through more than one crore accounts in its data bank and done matching with the taxpayer profile of the holder, a top source said.

As per I-T records, there are 3.65 crore individuals who filed income tax returns. Besides, there are over seven lakh companies, 9.40 lakh Hindu Undivided Families and 9.18 lakh firms who filed ITRs during Assessment Year 2014-15.

Also, over 25 crore zero-balance Jan Dhan accounts were opened as part of the (Read More)

Where are the jobs, asks Congress

Latest News - A day before the release of the official account on the state of the economy, the Economic Survey, the Congress party tore apart the government for hiding behind the dazzle of the GDP number, and ignoring key metrics such as jobs and investment.

It released its own detailed report titled 'The Real State of Economy 2017', fielding its two most senior leaders in these matters, Manmohan Singh and P Chidambaram. Introducing the report, which he claimed was "closer to the truth that what I believe the government will say tomorrow", Chidambaram launched a broadside on the performance of the economy under the Modi government.

The report put together by Rajya Sabha member and IIM professor Rajeev Gowda pointed out the fact that against (Read More)

Demonetisation was a 'hoax', it won't kill black money: Chidambaram

Latest News - Dubbing the government's claim that demonetisation would weed out black money and corruption as "hoax", former union finance minister P Chidambaram has said that such issues are likely to persist since the November 8 decision was not "notebandi", rather it was a "notebadli."

"Demonetisation will not kill black money and corruption. Earlier, they asked and took bribes in old notes. Now they will take in new notes. The change of notes will not make any difference to these things. It is a complete hoax to say that demonetisation will kill corruption," Chidambaram said while delivering a lecture on demonetisation at Srimanta Sankardev Research Centre in Guwahati.

Throwing a challenge to Prime Minister Narendra Modi, the Congress leader said, "Let me throw a simple challenge to the government, please guarantee to me that next time I go to a Tehsildar he will not ask bribe from me. Let the Prime Minister give the guarantee to (Read More)

Your assets not hidden from our gaze: I-T dept tells black money holders

Latest News - Warning black money holders that their undisclosed assets are "not hidden" from its gaze, the Income Tax department Sunday advised them to avail the ongoing one-time disclosure window--PMGKY-- to come clean on their stashed funds.

In advertisements released in leading national dailies, the department also published the salient features of the Pradhan Mantri Garib Kalyan Yojna (PMGKY), 2016 which was announced by the government post demonetisation in November last year.

"Your undisclosed accounts or cash deposits are not hidden from us.

"Helping the less fortunate can help you. Invest your undisclosed income in the (Read More)