Economy
Notice being served on those named in Panama Papers: Jaitley
New Delhi : Notices are being served on those whose names figure in the Panama Papers leaks even as the newly-enacted black money act has resulted in "a certain level of compliance" and helped track black money parked overseas, Finance Minister Arun Jaitley said on Friday.
 
"I would like to say only one thing that for what ever cases are coming before the tax departments and others; notices are being issued under Income Tax Act and other relevant laws and actions are being taken," he told the Lok Sabha during question hour.
 
His statement came to supplementaries asked by members, including Nana Patole and Kirit Somiaya (both Bharatiya Janata Party) and B. Mahtab (Biju Janata Dal) on the tax evasion issue.
 
Jaitley, however, said any individual case could not be discussed. 
 
"I have stated this earlier also under the provisions of section 138 of Income Tax Act, an individual matter cannot be discussed in public. But in all cases whatever actions are necessary are being taken," he said.
 
Minister of State for Finance Jayant Sinha informed members that the appointment of a Special Investigation Team (SIT) by the National Democratic Alliance (NDA) government in 2014 had helped in the purpose of tracking black money both in the country and outside.
 
"SIT is doing a commendable job," he said, adding that recommendations of the SIT had helped investigating agencies and the government, especially with regard to black money stashed overseas.
 
"We have received a wide set of recommendations from the SIT. The recommendations have been included and efforts have been undertaken through the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, which was passed in this august House. This has resulted in a certain level of compliance.
 
"There has been a series of investigations and it is because of disclosures which we got through HSBC as well as through the International Committee of Journalists and most recent has been the Panama Papers, as finance minister has indicated, notices have already been sent out," Sinha said.
 
He said as far as domestic black money is concerned, a number of suggestions have been provided there including the disclosure of PAN card for transactions of Rs.2 lakh, restrictions on real estate, and so on which have been implemented.
 
Mahtab wanted to know if in the wake of reports from SIT and other agencies, the government is proposing any changes in the law to keep an eye on tax evaders.
 
"....has SIT suggested what new law is to be enacted which will minimise the creation of black money in the country?" he asked.
 
Somaiya however was pulled up by Speaker Sumitra Mahajan when he took the name of a popular Maharashtra leader, who is now in jail.
 
"You know everything, then why are you taking someone's name," Mahajan told him tersely.
 
Patole said the contention that agricultural income is growing cannot be true because, "if such is the case, then farmers would not be committing suicide" and Sinha agreed that there are instances of tax evasion by moneyed people when they show their income as agricultural income.
 
The minister also said there has been an increase of tax payers' network to 5.8 crore ever since the NDA government took over.
 
"We should not analyse this number based on the country's total population. It is only among the 25 crore households and chiefly from seven crore eligible tax payers in the urban pockets," Sinha said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Court orders framing charges in coal block case against Jindal
New Delhi : A court here on Friday ordered the framing of charges in a coal block case involving the Jindal Group.
 
Special Judge Bharat Parashar ordered that charges dealing with criminal conspiracy, cheating and various provisions of the Prevention of Corruption Act against former parliamentarian, industrialist and senior congress leader Naveen Jindal, former union minister of state for coal Dasari Narayan Rao and former Jharkhand chief minister Madhu Koda and others.
 
The court was hearing a case related to the allocation of Jharkhand's Amarkonda Murgadangal coal block to Jindal Steel and Gagan Sponge.
 
The probe agency said there was sufficient evidence to frame charges against the accused in a case related to the allocation of Amarkonda Murgadangal coal block to Jindal Steel and Gagan Sponge.
 
However, Jindal, Rao, Koda and others have denied the allegations and sought being discharged from the case.
 
The Central Bureau of Investigation in April last year filed a chargesheet against Jindal, Koda, Rao, former coal secretary H.C. Gupta with six other individuals.
 
The six others include New Delhi Exim director Suresh Singhal, Jindal Realty director Rajeev Jain, Gagan Sponge directors Girish Kumar Juneja and R.K. Saraf, Sowbhagya Media's managing director K. Ramakrishna and chartered accountant Gyan Swaroop Garg.
 
Five private companies -- four based in Delhi and one in Hyderabad -- have also been named in the chargesheet.
 
The companies are Jindal Steel and Power Ltd., Gagan Sponge Iron Pvt. Ltd., Jindal Reality Pvt. Ltd., New Delhi Exim Pvt. Ltd. and Sowbhagya Media Ltd.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Drink peppermint tea to boost your memory
London : Are you finding it difficult to remember things? If yes, drink peppermint tea, as according to a new study, it can improve long-term and working memory in healthy adults.
 
For the research, the team randomly allocated a total of 180 participants to take a drink of peppermint tea, chamomile tea or hot water. 
 
The results showed that participants who took peppermint tea showed significant improvement in long term memory, working memory and alertness compared to both who took chamomile and hot water.
 
Participants who took chamomile tea exhibited slowed memory and attention speed compared to both who took peppermint and hot water.
 
"It's interesting to see the contrasting effects on mood and cognition of the two different herbal teas. The enhancing and arousing effects of peppermint and the calming/sedative effects of chamomile observed in this study are in keeping with the claimed properties of these herbs and suggest beneficial effects can be drawn from their use," said Mark Moss, researcher at Northumbria University in Britain.
 
The findings were presented recently at the British Psychological Society's Annual Conference in Nottingham.
 
Before the participants consumed their drink they completed questionnaires relating to their mood. 
 
After a twenty minute rest the participants completed tests that assessed their memory and a range of other cognitive functions. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Bapoo Malcolm

1 year ago

Now I know why every Parsi woman remembers the smallest detail of everything that ever happened to her.

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