Black money: Pranab to appear before Parliamentary panel | Latest News Delhi - Hindustan Times
close_game
close_game

Black money: Pranab to appear before Parliamentary panel

Agencies | By, New Delhi
Jan 27, 2011 11:31 AM IST

Finance Minister Pranab Mukherjee is likely to appear before a Parliamentary Standing Committee on Finance to provide details on the five-pronged strategy adopted by the government to unearth black money today.

Finance Minister Pranab Mukherjee is likely to appear before a Parliamentary Standing Committee on Finance to provide details on the five-pronged strategy adopted by the government to unearth black money.

HT Image
HT Image

Following are the steps spelt out by Finance Minister Pranab Mukherjee, which India has already taken and initiated to tackle the issue of black money abroad, estimated at between Rs.432 billion and $1.4 trillion:

Hindustan Times - your fastest source for breaking news! Read now.

* Constituted multidisciplinary panel to estimate illicit fund generated by Indians

* Vice-chair of Global Forum on Transparency and Exchange of Information for tax purposes

* Joined the Task Force on Financial Integrity and Economic Development

* Member of Financial Action Task Force to trace terror funds

* Member of of UN Tax Committee and Sub Committee on Transfer Pricing

* Member of Eurasian Group on money laundering, tax evasion

* Signed double taxation avoidance agreements with 79 countries

* Negotiating with 65 countries to modify double taxation avoidance agreements

* Talks for new double taxation avoidance agreements with 15 countries

* Prioritized 22 countries/jurisdictions, called tax havens, for signing tax information exchange pacts

* Proposed eight income tax overseas units in addition to those in Singapore, Mauritius

* Amended Prevention of Money Laundering Act in 2009 to make it more stringent

* Proposed new legislation for unearthing black money under the Direct Taxes Code Bill

* Setting up Exchange of Information Cell to share information to curb tax evasion

* Detected undisclosed income of Rs.15,000 crore in last 18 months

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On