Stocks
Bad education

The education industry, known to be highly competitive and fragmented, has low profits, and...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
HSBC secret accounts: I-T dept to begin prosecution action

The I-T department has written to the Finance Ministry to suggest a benchmark for funds held on the basis of which the it can initiate legal action for tax evasion and tax theft

 
New Delhi: The Income Tax (I-T) department has decided to begin prosecution action against those having "substantial" amounts in their bank accounts in HSBC's Geneva branch, reports PTI.
 
The department has now written to the Finance Ministry to suggest a benchmark for funds held on the basis of which the I-T department can initiate legal action for tax evasion and tax theft.
 
Top sources said a benchmark of about Rs5 crore is being mulled for initiating court proceedings against those Indians whose names have figured on the secret list of HSBC Geneva, supplied to India by the French government.
 
All others below the benchmark amount, the sources said, could be penalised under I-T laws and the amount can be realised from them by way of raising a comprehensive tax demand.
 
The sources said a number of individuals or entities who have figured in these accounts, also searched and probed by the I-T department, held small balances ranging from few thousands to lakhs of rupees and, hence, a policy has to be made as to how many will be prosecuted and how many penalised under tax theft laws.
 
"A policy framework will be decided and action would be taken on a case-to-case basis," the sources said.
 
The I-T department, through the Finance Ministry, has already approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names.
 
The department has already begun a country-wide I-T assessment of those entities whose names have figured in these secret lists.
 
India had obtained data of over 700 HSBC accounts from French government channels last year.
 

User

Government's Aadhaar-based direct cash transfer scheme anti-poor: CPI-M

The CPI(M) Politburo also objected to linking MNREGA wages to the Aadhaar number, saying experts have repeatedly pointed out that biometric identification for manual workers has a high 20% margin of error as fingerprints of such workers change 

 
New Delhi: The Union Government's direct cash transfer scheme is "anti-poor" as it would actually cut subsidies due to the high inflation rate and not cover the rising prices of foodgrains, the Communist Party of India (Marxist) -CPI(M) said on Wednesday opposing the move, reports PTI.
 
Observing that the government has declared that once the system was in place, the policy would be extended to food, kerosene and fertilisers, the Left party said, "In a period of high inflation, cash transfers to replace public goods such as these is to actually cut subsidies, since the cash to be transferred will not cover the increased costs of the same amount of subsidised foodgrains." 
 
In a statement, the CPI(M) Politburo said, "This will have an adverse impact on increasing malnutrition and hunger." 
 
Noting that the Congress had dubbed direct cash transfer as a "game changer", it said the scheme was "indeed a game changer whose rules are weighted against the poor, in favour of the UPA-II Government's obsessive commitment to cut subsidies to the working people".
 
Opposing the move, the CPI(M) said it was "a policy shift away from provision of foodgrains, kerosene and fertilisers instead of providing for a universal public distribution system (PDS) at controlled prices.
 
It also objected to linking MNREGA wages to the Aadhaar number, saying experts have repeatedly pointed out that biometric identification for manual workers has a high 20% margin of error as fingerprints of such workers change.
 
It was a similar problem for senior citizens.
 
"Without any discussion in Parliament on the proposed Bill for Unique Identity Cards to push through such changes, which will have far reaching implications for manual workers is unacceptable," the Politburo said.
 
As far as scholarships and pensions are concerned, most of these schemes were already cash transfer schemes through bank accounts and were fiscal neutral, the CPI(M) said, adding that the amounts and also the coverage should be increased and linked to the price index.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)