Citizens' Issues
Black money: India to set up 14 new overseas I-T offices

The Income Tax overseas units would obtain information on tax and financial data of investments made by individuals and institutions in these countries and facilitate exchange of data on legal investment or routing of money in the country and vice-versa

New Delhi: The Indian government will set up 14 more Income Tax Overseas Units (ITOUs) to deal with the menace of black money and keep a tab on illegal routing of funds from abroad and parking money in foreign countries, reports PTI.

 

The Finance Ministry has recently sent a detailed proposal in this regard to the Ministry of External Affairs along with the names of the countries where these ITOUs would be made operational.

 

India has already established ten ITOUs in its missions at Cyprus, France, Germany, Netherlands, Japan, UAE, UK, USA, Mauritius and Singapore, and the Finance Ministry and the investigation wing of I-T department has found the experiment successful as "good" information has been received by Indian financial sleuths in connection with their probes.

 

"The proposal to establish 14 more ITOUs has been sent to the MEA. The proposal is under consideration and the MEA and the Finance Ministry have had a few rounds of talks on the subject," a top Finance Ministry official said.

 

The countries where these new ITOUs would be set up include Switzerland, an important partner country with which India has revised its Double Taxation Avoidance Agreement (DTAA) and the tax exchange treaty to effectively combat illegal funds stashed abroad or routed from foreign countries.

 

These ITOUs are manned by tax officers who are designated as First Secretaries to "maintain effective coordination and liaison between Indian tax authorities and the tax authorities of countries concerned".

 

The then Finance Minister Pranab Mukherjee, in his Budget speech for 2012-13, had made a sizeable allocation for setting up these I-T overseas offices.

 

While the initial budgetary allocation for these units was Rs2.41 crore in the last fiscal, it has been raised to Rs18.20 crore in the current year.

 

The ITOUs would obtain information on tax and financial data of investments made by individuals and institutions in these countries and facilitate exchange of data on legal investment or routing of money in the country and vice-versa.

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COMMENTS

Vaidya Dattatraya Vasudeo

5 years ago

With present status of honesty of politicians it has become impossible to trust the intentions of any move, however good it may look. Can I be blamed if I interpret this as an opportunity for some one to oblige as many staff to be post to better place, and may be for a price. I hope in this case an exemption is made and deserving staff is posted. And it will soon be reflected in the restults.

LIC cuts stake in ACC by about 3%

Following the transactions, LIC's shareholding in ACC, in which Swiss major Holicm has the majority stake, has now come down to 7.82%


Mumbai: State-run Life Insurance Corporation of India (LIC) has sold 2.68% stake in cement maker ACC for Rs187.75 crore through open market operations, reports PTI.
 
LIC had 10.51% stake or 18.77 crore shares in ACC prior to the transactions that took place between November last year and 10th August this year, both at the BSE as well as the NSE, the cement firm said in a regulatory filing.
 
Following the transactions, LIC's shareholding in ACC, in which Swiss major Holicm has the majority stake, has now come down to 7.82%.
 
As of June-end, LIC had 8.55% stake in ACC and Holcim had 50.30% stake.
 
Competition watchdog CCI had on slapped Rs1,147.59 crore penalty on ACC for its involvement in forming both price and production cartels along with its peers last June.
 
ACC, however, had said that it would file an appeal with the appropriate authority against the order.

 

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Luxury cars do poorly in new crash tests

In three cars, the BMW, Mercedes and Volkswagen, the seat belts spooled out too much after the crash, causing the crash-test dummies to strike hard surfaces, says Insurance Institute for Highway Safety in the US, which conducted the new crash tests

 
Detroit: Most midsize luxury cars, including the Mercedes-Benz C-Class performed poorly in a new frontal crash test developed by the Insurance Institute for Highway Safety in the US, reports PTI.
 
The new test is designed to replicate what happens when a car strikes another car or a fixed object like a tree or utility pole. The test strikes 25% of a car's front end into a rigid barrier at 64 kilometres per hour.
 
The results don't bode well for non-luxury models, which will be the next to undergo the new test.
 
Insurance Institute crash test results are closely watched by the auto industry and often lead to changes in design or safety features. Good scores are also frequently touted in car ads.
 
The group said it developed the test after years of analyzing real-world frontal crashes, which kill more than 10,000 people annually in the US.
 
Of the 11 cars tested, only the Acura TL, Volvo S60 and Infiniti G earned good or acceptable ratings from the institute, which is funded by insurers.
 
Four cars, the Acura TSX, BMW 3 Series, Lincoln MKZ and Volkswagen CC, earned marginal ratings.
 
Four others, the Mercedes C-Class, Lexus IS 250, Audi A4 and Lexus ES 350, earned poor ratings. Marginal or poor ratings indicate the cars wouldn't protect occupants very well in a real-world crash.
 
All of the cars tested were from the 2012 model year.
 
The institute said the new test indicates that side air bags, which are designed for direct impact, T-bone crashes but not for off-center, frontal ones, may not go off in time or extend far enough to protect occupants.
 
In three cars, the BMW, Mercedes and Volkswagen, the seat belts spooled out too much after the crash, causing the crash-test dummies to strike hard surfaces.
 
The Volkswagen's door was completely sheared off during the test.
 
Mercedes said it didn't agree with its ranking and pointed out that the C-Class is listed as one of the institute's top safety picks. Mercedes said the crash test mimics an unusually severe and uncommon scenario.
 

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