Karnataka govt, Japan Chamber of Commerce ink MoU for sharing information

The MoU will stand for the support of Japanese companies in their future expansion plan as well as enhancement of existing operations in Karnataka

The Karnataka government entity Karnataka Udyog Mitra and Japanese Chamber of Commerce & Industry Bangalore (JCCIB), an association of Japanese companies situated in Bangalore, both have signed a memorandum of understanding (MoU) for information sharing on industrial estates and infrastructure development and to release the same in Japanese jointly.

In this current scenario where the global investment in India is gaining momentum, this agreement will stand for the support of Japanese companies in their future expansion plan as well as enhancement of existing operations in Karnataka. Currently, there are about 175 Japanese companies in Bangalore. And in future, there are plans of large scale investments for two-wheeler manufacturing & its ancillaries and furthermore some electronic parts enterprises to venture in Bangalore. As it claims "Green, Clean and Cool City", Bangalore is abundant with green and offers an excellent living environment.

There is a Dialogue Monitoring Committee in place between Karnataka state and Japanese Chamber of Commerce & Industry, Bangalore (Formerly Commerce and Industry Committee of Japanese Association) since 2009 and engaged in various activities. Though there were information available on industrial estates and roads infrastructure during these days, it was not adequate to support on venturing enterprises. The problems were in terms of contacting from multiple offices or difficulty in getting information as such.

But from now on, apart from publishing information, both parties will impart support on venturing enterprises, infrastructure development and to ease the formalities for incorporation etc. Last year June, Karnataka Government held a Global Investors Meet (GIM) to attract investment from domestic and overseas companies. This was participated by more than 2,000 companies and 389 MoUs were signed on various projects (Total investment of $90 billion).

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India to host Asia Pacific Group on Money Laundering meeting

The meeting will provide a platform for high-level discussion and cooperation and will evaluate the progress made by APG members in implementing the international standards to combat money laundering and the financing of terrorism

New Delhi: At a time when India is at the forefront of the global fight against black money, the country will play host to the 14th annual meeting of the Asia Pacific Group (APG) on Money Laundering later this month, reports PTI.

The five-day event, scheduled from 18th to 22nd July at Kochi, Kerala, will be attended by Indian finance minister Pranab Mukherjee, who will make the opening address on 19th July, an official statement said.

The 10th annual technical assistance and training forum of the APG will also be held simultaneously.

"The meeting will provide a platform for high-level discussion and cooperation and will evaluate the progress made by APG members in implementing the international standards to combat money laundering and the financing of terrorism," the statement said.

More than 300 senior government officials from the Asia-Pacific region and other parts of the world are expected to attend the event.

The APG co-chairs for the meeting are K Jose Cyriac, secretary to the government of India, and Tony Negus, the commissioner of the Australian Federal Police.

Among others who will be in Kochi for the APG meet is Giancarlo Del Bufalo of Italy, the president of the Financial Action Task Force (FATF), which sets international standards to combat money laundering and terrorist financing.

The Kochi meet assumes significance at a time when India has taken a strong position in the fight against black money.

India took over as co-chair in the FATF in February this year.

Indian president Pratibha Patil Friday made a strong case for better domestic and cross-border measures to tackle the problem of black money.

"The war against black money has to be addressed both domestically and through cross-border measures," she said here, adding that efforts to enhance global cooperation need to continue.

"There has to be continued (cooperation) through an appropriate agreement on tax information exchange and on mutual cooperation between countries to track down evaders taking shelter in other jurisdictions," Ms Patil said, addressing the concluding ceremony of celebrations to mark 150 years of the Income Tax Department's existence.

The Asia Pacific Group on Money Laundering is an international organisation with representation from around 40 countries. It is presently co-chaired by India and Australia.

Supported by multilateral bodies like the International Monetary Fund, the World Bank and FATF, it conducts research into money laundering and terrorist financing.

It also assesses the compliance of countries with international standards on anti-money laundering and assists in global policy development on such issues.

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Decision on seeking review of SC order in 2-3 days: Finance ministry

Both the finance and law ministries are discussing the 4th July order of the apex court appointing a SIT, which includes two former SC judges, to monitor steps to bring back unaccounted money stashed in tax havens

New Delhi: The finance ministry today said the government will take a decision on seeking review of the Supreme Court order constituting a Special Investigation Team (SIT), in the next two-three days, reports PTI.

Both the finance and law ministries are discussing the 4th July order of the apex court appointing a SIT, which includes two former SC judges, to monitor steps to bring back unaccounted money stashed in tax havens.

"We (finance ministry) are seeking their (law ministry) views...some decision is likely in 2-3 days," chairman of Central Board Direct Taxes (CBDT) Prakash Chandra told reporters here on sidelines of a function.

The government has not yet taken a final view on seeking review of the Supreme Court order, he said adding "the order is very broad and was being studied".

On 4th July, pulling up the government for the "laggardly pace" in investigations into the issue of black money stashed abroad, the apex court appointed a SIT headed by former Supreme Court judge BP Jeevan Reddy to monitor steps taken to bring the unaccounted money back home.

Another former apex court judge MB Shah will be vice chairman of the 13-member SIT into which the director of Research and Analysis Wing (RAW) has also been inducted.

The court also directed that the high-level committee (HLC) constituted by the government to look into the issue of black money would 'forthwith' be part of the SIT.

Facing flak from civil right activists and Opposition on the issue of black money, the government has adopted a multi-pronged strategy to deal with the menace.

This includes negotiation and re-negotiation of India's double taxation avoidance agreements with other countries.

On the time-frame for re-negotiation of India-Mauritius tax treaty, Mr Chandra said no date or agenda has been finalised yet.

The ministry of external affairs is in touch with the Mauritius government to finalise dates and venue for the negotiations.

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