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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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Need balanced perspective on movement of skilled professionals, Modi tells US Congress delegation

Need balanced perspective on movement of skilled professionals, Modi tells US Congress delegation

New Delhi, Feb 21 (UNI) Prime Minister Narendra Modi today urged a visiting US Congress delegation on the need to develop 'a reflective, balanced and far-sighted perspective on movement of skilled professionals'.

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21 Feb 2017 | 8:39 PM
52 per cent voting reported in BMC polls: Slight rise in Maharashtra turnout

52 per cent voting reported in BMC polls: Slight rise in Maharashtra turnout

Mumbai, Feb 21 (UNI) With total 52 per cent of total 91,80,491 electorate exercising their right to vote in the civic elections today, the political fortunes of 2,275 candidates contesting on 227 wards of India's wealthiest Brihanmumbai Municipal Corporation (BMC), were sealed in the electronic voting machines which will be opened on Thursday.

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21 Feb 2017 | 8:07 PM
SP govt biased on caste, religion: Shah

SP govt biased on caste, religion: Shah

Kaushambi/Allahabad, Feb 21 (UNI) Leading campaign trail ahead of the crucial Assembly polls here in Uttar Pradesh, BJP National President Amit Shah today held a road show here from Alapur police station to Ghataghar and addressed public gatherings.

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21 Feb 2017 | 10:29 PM
Modi sharing jokes of social media: Akhilesh

Modi sharing jokes of social media: Akhilesh

Allahabad, Feb 21 (UNI) Continuing his war of words with Prime Minister Narendra Modi, Samajwadi Party President and Chief Minister Akhilesh Yadav today said 'Narendra Modi seems to be relying more on the social media, as he includes even the jokes shared on social media in his election speeches".

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21 Feb 2017 | 9:30 PM
Govt aims to double rural income: Jaitley

Govt aims to double rural income: Jaitley

Noida, Feb 21 (UNI) Stating that the rural India continues to lag behind and need to double the income, Finance Minister Arun Jaitley today said the government is committed to rural sanitation and housing and has taken various steps to achieve that with civil society’s active participation.

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21 Feb 2017 | 10:49 PM
Iran urges India to be quick on Chabahar; N Delhi says commitment unwavering

Iran urges India to be quick on Chabahar; N Delhi says commitment unwavering

By Naz Asghar New Delhi, Feb 21 (UNI) In the wake of the reported stagnation in the implementation of the ambitious Chabahar project, Iran has said India should be quick to execute its part of development of the strategic port so as not to miss a 'great opportunity.

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21 Feb 2017 | 3:35 PM
Govt clears 38 additional radar stations along Indian coastline

Govt clears 38 additional radar stations along Indian coastline

New Delhi, Feb 21 (UNI) The Defence Acquisition Council (DAC) headed by Defence Minister Manohar Parrikar today cleared the second phase of coastal surveillance system, for 38 additional radar stations along Indian costline.

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21 Feb 2017 | 4:40 PM

Exchange racket: 4 more nabbed

21 Feb 2017 | 11:10 PM

Jabalpur, MP, Feb 21 (UNI) With four more persons being placed under arrest today on the charge of running a parallel phone exchange in this cantonment town, the total number thus collared rose to 11.

Mexican fireworks expected in Alvarez-Chavez Vegas brawl

22 Feb 2017 | 6:20 AM

By Larry Fine NEW YORK, Feb 22 (Reuters) Mexican pride will be at stake when two-time world champion Canelo Alvarez battles former middleweight champion Julio Cesar Chavez Jr in Las Vegas on Cinco de Mayo weekend.

India's satellite launch wins accolades from international media

India's satellite launch wins accolades from international media

15 Feb 2017 | 10:02 PM

New Delhi, Feb 15 (UNI) India today carved out a niche in annals of space science by successfully launching 104 satellites on a single mission, overtaking the previous record of 37 satellites launched by Russia in 2014 and winning accolades from the international community and the global media.

TransferWise launches international money transfers via Facebook

TransferWise launches international money transfers via Facebook

21 Feb 2017 | 12:57 PM

By Anna Irrera NEW YORK, Feb 21 (Reuters) Money transfer company TransferWise has launched a new service that allows users to send money internationally through Facebook Inc's chat application, as competition in the digital payments landscape intensifies.

About 77 pc voters exercised franchise in Zilla Parishad elections

21 Feb 2017 | 11:45 PM

Kolhapur, Feb 21 (UNI) About 77 per cent voters out of total 21,38,080 electorate exercised their franchise in the Kolhapur Zilla Parishad and Panchayat Samiti general elections, after the end of polling at 1730 hrs.

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