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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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PM greets Bangladesh on its Independence Day, pays tribute to Mujibur Rahman

PM greets Bangladesh on its Independence Day, pays tribute to Mujibur Rahman

New Delhi, Mar 26 (UNI) Prime Minister Narendra Modi today paid tribute to Banga Bandhu Sheikh Mujibur Rahman and greeted the people of Bangladesh on their Independence Day.

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26 Mar 2017 | 11:50 AM
Rajnath briefed on security situation in Assam

Rajnath briefed on security situation in Assam

New Delhi, Mar 26 (UNI) The security situation in Assam was today reviewed by Home Minister Rajnath Singh and Chief Minister Sarbananda Sonowal.

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26 Mar 2017 | 6:38 PM
Govt has not learnt lessons from Pathankot attack, says Parliamentary panel

Govt has not learnt lessons from Pathankot attack, says Parliamentary panel

New Delhi, Mar 26 (UNI) The Parliamentary Standing Committee on Home Affairs has said that the central government has "not learnt any lesson from the Pathankot attack" and recommended that there remains an urgent need to further strengthen the Security network in the country.

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26 Mar 2017 | 11:17 AM
RBI to merge 5 banks into SBI

RBI to merge 5 banks into SBI

Nanded, Mar 26 (UNI) Despite the strong opposition rendered by various banks, the Reserve Bank of India (RBI) has decided to merge five banks from April 1 into the State Bank of India (SBI).

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26 Mar 2017 | 8:12 PM
No compromise on territorial integrity : CM

No compromise on territorial integrity : CM

Imphal, Mar 26 (UNI) Chief Minister N Biren Singh today said the territorial integrity of Manipur will be protected at all cost.

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26 Mar 2017 | 8:29 PM
Gunfire in crowded Ohio nightclub kills one, wounds 15

Gunfire in crowded Ohio nightclub kills one, wounds 15

 CINCINNATI, Mar 26 (Reuters) Gunfire erupted inside a packed nightclub in Cincinnati, Ohio, early today morning, killing one person and injuring 15 others, as an apparent argument that may have started earlier in the day turned violent, authorities said.

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26 Mar 2017 | 10:34 PM
Togadia demands subsidies for Hindus at par with Muslims

Togadia demands subsidies for Hindus at par with Muslims

Ahmedabad, Mar 26 (UNI) Vishwa Hindu Parishad President Pravin Togadia today demanded the government to allocate to Hindus all subsidies and grants it gives to Muslims from money of Hindu tax payers or else stop all relief to the minorities.

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26 Mar 2017 | 8:58 PM
CM orders major statewide crackdown on over-speeding, violation of traffic rules

CM orders major statewide crackdown on over-speeding, violation of traffic rules

26 Mar 2017 | 11:58 PM

Chandigarh, Mar 26 (UNI) Taking a serious note over the death of eight people in two major road accidents in less than 24 hours, Punjab Chief Minister Capt Amarinder Singh has directed states traffic enforcement authorities to crack down on over-speeding and violation of traffic rules by vehicles, especially buses, and asked the Transport department to examine the feasibility of installing speed governors in public transport.

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