'Received info on money held in overseas bank accounts'

The government received a number of cases of information relating to remittances, payments and money held in foreign bank accounts

New Delhi: The government has received a number of cases of information relating to money held in foreign bank accounts, Minister of State for Finance SS Palanimanickam said, reports PTI.

"The government has received a number of cases of information relating to remittances, payments and money held in foreign bank accounts under the provisions of the Double Taxation Avoidance Agreements (DTAA) and Tax Information Exchange Agreements (TIEA)," Mr Palanimanickam said in a written reply to the Rajya Sabha.

He was responding to a question on whether government has received details regarding 9,900 persons who have deposited black money in foreign banks and whether the government is investigating those persons.

Every reliable information, including information received from outside the country, Palanimanickam said "is verified according to the provision of Direct Tax laws and action is taken to being undisclosed amounts to taxation".

He said the tax department levies penalty in cases of concealment and in appropriate cases, initiates prosecution proceedings.

To another question on the amount of black money confiscated during the last two years, Mr Palanimanickam said the Income Tax department has seized assets worth Rs905.61 crore and Rs774.98 crore in the 2011-12 and 2010-11 fiscal, respectively.

"The Income Tax department takes constant action against tax evasion including tax scrutiny, surveys, search and seizure under the Direct Tax laws," Mr Palanimanickam said.

India currently has DTAA with 82 countries and TIEA with 17 jurisdictions.

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'Companies' claims about food products in ads to be regulated'

The Food Standard and Safety Authority said advertisers cannot make claim unless the company does study and generate adequately valid scientific data

Hyderabad: In a bid to restrict deceptive advertisements, particularly with regards to food articles such as weight-loss or weight-gain drinks, the Food Standards and Safety Authority of India (FSSAI) is going to make it mandatory for the manufacturers to display scientific evidence on the package, reports PTI.

According to B Sesikeran, director at National Institute of Nutrition and chairman of Scientific panel on Food Labelling said the panel recommendations will be notified in a month and after that it will seek public opinion before amending the existing Food Safety and Standards (Packaging and Labelling) Regulations, 2011.

"New food labelling regulation will have a lot of things such as if a health drink claims that children will grow taller with the drink then they will have produce evidence to prove their claim," Mr Sesikeran told reporters on the sidelines of 'Technology as Driver of Growth: Ensuring Farm Productivity' a panel discussion organised by IndoAsiancommodities.com.

"We are going to regulate advertisements also. They cannot make claim unless the company does study and generate adequately valid scientific data. Otherwise, claims have to be removed for the advertisement," he added.

He said there is also a proposal to display nutritional values on the hotel menu cards.Though it is not mandatory for the hotels initially it may become a rule after three years, Mr Sesikeran explained.

"Particularly salt, sugar, iron and fat values should be displayed against each food item the hotel offers. Initially, we will ask them to do it voluntarily," he said.

Meanwhile, the NIN has undertaken a project to assess food values in Indian food items, including vegetables across the country. Mr Sesikeran said the teams are now touring across the country to collect food sample to analyse.

"The study was done many years ago. Now with the newer technologies and new foods adding to the food basket and the composition of existing food is also changed over the years because of the different farming practices," he said.

Once the date is generated it will help forming a regulation and the project will take two years to publish the data, he added.

Earlier in the panel discussion, the participants felt the need to introduce newer technologies to increase agriculture productivity.

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Union Bank of India Q4 up 29% to Rs773 crore

UBI's total revenues grew to Rs6,499 crore mainly on 26% rise in other incomes. However, its full year net profit fell 14.4% to Rs1,787 crore

Mumbai: State-run lender Union Bank of India reported a 29% jump in its fourth quarter net profit to Rs773 crore from Rs597 crore same period a year ago.

Its total revenues grew 24.5% to Rs6,499 crore from Rs5,216 crore last year. During the quarter, the Bank's other income increased 26% to Rs755 crore from Rs600 crore in January-March 2011.

However, the state-own lender's net profit for FY12 dipped 14.4% to Rs1,787 crore from Rs2,082 crore in FY11. Its total revenues increased 27% to Rs23,476 crore as against Rs18,491 crore in a year ago.

Union Bank shares ended Wednesday 4% down at Rs202.9 per share on the Bombay Stock Exchange, while the benchmark Sensex closed marginally higher at 16,479.

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