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India must exert pressure on tax havens to unearth black money: Book

New Delhi, June 28 (UNI) India should exert pressure on tax havens to exchange relevant bank account information and must also pitch for criminal sanctions in the global taxation treaties to fight the menace of black money, a book by tax expert Shailandra Kumar has said.
As the US is compelling countries around the world to sign the Foreign Account Tax Compliance Act (FATCA), “ India should rise to the situation and push forward its agenda for exerting pressure on tax havens to exchange relevant bank account information with them…There would not be a better situation than now when there is such bone-breaking pressure on institutions like HSBC Bank …The noose is getting tightened on the black money or at least the mood is being set to counter the evil of black money for the first time in a serious and coordinated manner,” Mr Kumar said in his book ‘ It’s Raining Black’.
Simultaneously, India has to address the specific domestic challenges and major institutional shortcomings which are adding to the rising graph of black money. It is in this context that “ judicial activism of the Supreme Court has already earned the acceptance of the masses . The court is making every possible effort through the SIT to bring black money hoarders to book. Legal impediments like confidentiality clauses in the Double Taxation Avoidance Agreements are being renegotiated….But if the Indian policy still chooses not to join the global bandwagon and harness the domestic consensus against black money, the bus would be missed forever”, the book authored by the Founder Editor and CEO of the popular Taxindiaonlie said.
While giving credit to the Narendra Modi Government for coming out with legislations to check black money, the book said at one stage India will have to resort to the UN Convention Against Corruption to recover a part of the illicit funds parked in tax havens.
On the size of the black money, the book cites various studies which indicate the kind of money parked in the Swiss banks. Based on these studies, it said , size of the unaccounted and illicit money for India could be anywhere between 0.5 trillion to one trillion dollar traced to the Swiss banks.
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BJP's 2019 poll plans guided by Opp. challenge, fear of anti-incumbency

BJP's 2019 poll plans guided by Opp. challenge, fear of anti-incumbency

New Delhi, Apr 23 (UNI) Out of 109 seats BJP won in 2014 - from states like Bihar, Rajasthan, Madhya Pradesh and Gujarat - the BJP poll strategists today feel the tally can only dip down in 2019 Lok Sabha polls.

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23 Apr 2017 | 10:43 AM
Delhi LG Anil Baijal casts vote for MCD polls

Delhi LG Anil Baijal casts vote for MCD polls

New Delhi, Apr 23 (UNI) Delhi Lieutenant Governor Anil Baijal exercised his franchise for the MCD election, voting for which began here this morning.

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23 Apr 2017 | 10:01 AM
Voting begins for MCD polls; 2,537 candidates in fray

Voting begins for MCD polls; 2,537 candidates in fray

New Delhi, Apr 23 (UNI) Voting began this morning for the three Municipal Corporations in Delhi with a total of 2,537 candidates trying their luck in what looks to be a fierce electoral battle to gain control of the civic body in the national Capital.

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23 Apr 2017 | 8:44 AM
Mumbai emerge victorious in low scoring match, wins by 14 runs against Delhi

Mumbai emerge victorious in low scoring match, wins by 14 runs against Delhi

Mumbai, Apr 22 (UNI) Dominant Mumbai Indians defeated Delhi Daredevils and maintained their winning streak as they won the match by 14 runs at Wankhede Stadium here today.

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23 Apr 2017 | 10:00 AM
Govt keen for Indian handicrafts to counter machine-made products

Govt keen for Indian handicrafts to counter machine-made products

New Delhi, Apr 23 (UNI) Handicraft exports have seen a substantial rise in recent years from Rs 26212.

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23 Apr 2017 | 10:20 AM
Pakistan's Amir gets five-wicket haul against West Indies

Pakistan's Amir gets five-wicket haul against West Indies

Undated, Apr 23 (Reuters) Pakistan left-arm paceman Mohammad Amir claimed his first five-wicket haul since returning from a five-year ban on a rain-shortened second day of the first test against West Indies in Kingston, Jamaica.

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23 Apr 2017 | 10:01 AM

IMF members set aside trade split as French vote rattles nerves

Washington, Apr 23 (Reuters) International Monetary Fund members dropped a pledge to fight protectionism amid a split over trade policy and turned their attention to another looming threat to global economic integration: the first round of France's presidential election.

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23 Apr 2017 | 4:05 AM

CM Kejriwal, Union Minister Harsh Vardhan cast vote for MCD polls

23 Apr 2017 | 10:47 AM

New Delhi, Apr 23 (UNI) Delhi Chief Minister Arvind Kejriwal, Lieutenant Governor Anil Baijal, Delhi Congress chief Ajay Maken and Union Minister of Science and Technology Dr Harsh Vardhan were among the early voters in the MCD elections, polling for which began at 0800 hrs.

Japanese ships join US carrier for drills as it nears Korean waters

23 Apr 2017 | 9:37 AM

By Nobuhiro Kubo and Tim Kelly TOKYO, Apr 23 (Reuters) Two Japanese destroyers today began an exercise with the US Carl Vinson carrier strike group in the Western Pacific as it approaches waters around the Korean peninsula, Japan's navy said.

Pakistan's Amir gets five-wicket haul against West Indies

Pakistan's Amir gets five-wicket haul against West Indies

23 Apr 2017 | 10:01 AM

Undated, Apr 23 (Reuters) Pakistan left-arm paceman Mohammad Amir claimed his first five-wicket haul since returning from a five-year ban on a rain-shortened second day of the first test against West Indies in Kingston, Jamaica.

Coal consumption has changed due to non-conventional power plant in Vizag steel plant

22 Apr 2017 | 10:22 PM

Visakhapatnam, Apr 22 (UNI) Union Steel minister Chaudhary Birender Singh today said there was a perceptual change in the consumption of coal because of the setting up of more non-conventional power plants in the country.

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