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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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Akhilesh gets Samajwadi Party symbol 'Cycle'

Akhilesh gets Samajwadi Party symbol 'Cycle'

New Delhi, Jan 16 (UNI) In a major blow to veteran Samajwadi Party founder leader Mulayam Singh Yadav, the Election Commission today allotted 'Cycle' symbol to his rival camp headed by his son and Uttar Pradesh Chief Minister Akhilesh Yadav.

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16 Jan 2017 | 7:34 PM
GST to be rolled out from July 1 instead of April 1: Jaitley

GST to be rolled out from July 1 instead of April 1: Jaitley

New Delhi, Jan 16 (UNI) Finance Minister Arun Jaitley today announced that the date for effective implementation of Goods and Services Tax (GST) has been deferred to July 1, 2017, since the final draft and getting approval from the Legislative bodies is yet to be done.

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16 Jan 2017 | 7:39 PM
BJP is strongest contender in UP: Rajnath

BJP is strongest contender in UP: Rajnath

Raipur, Jan 16 (UNI) Home Affairs Minister Rajnath Singh today claimed that the BJP has emerged as the strongest contender in poll-bound Uttar Pradesh even as infighting continued in the ruling Samajwadi Party (SP).

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16 Jan 2017 | 9:03 PM
Akhilesh Govt against Muslims : Mulayam

Akhilesh Govt against Muslims : Mulayam

Lucknow, Jan 16(UNI) Samajwadi Party patriarch Mulayam Singh Yadav today hit out at his son and Uttar Pradesh Chief Minister Akhilesh Yadav by alleging his rival faction for being anti-Muslim.

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16 Jan 2017 | 7:34 PM
RBI raises ATM withdrawal limit to Rs 10,000 per day

RBI raises ATM withdrawal limit to Rs 10,000 per day

New Delhi/Mumbai, Jan 16 (UNI) In a major relief for ATM users, Reserve Bank of India (RBI) today raised ATM withdrawal limit to Rs 10,000 per day from current Rs 4,500 with immediate effect and will be operative within the existing overall weekly limit.

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16 Jan 2017 | 5:38 PM
PM to inaugurate Second Raisina Dialogue tomorrow

PM to inaugurate Second Raisina Dialogue tomorrow

New Delhi, Jan 16 (UNI) Prime Minister Narendra Modi will tomorrow inaugurate the second Raisina Dialogue, India's flagship geo-political conference, held annually.

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16 Jan 2017 | 4:59 PM
Willing to fight election from any seat in Punjab, under anybody's leadership : Sidhu

Willing to fight election from any seat in Punjab, under anybody's leadership : Sidhu

New Delhi, Jan 16 (UNI) Expressing his willingness to fight the coming Assembly elections in Punjab from any seat that the Congress high command offers him, former BJP MP Navjot Singh Sidhu today said that his only agenda in the elections was to restore the state of Punjab, to its old prosperity.

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16 Jan 2017 | 2:03 PM

Budget 2017-18 aimed at setting off streamlining expenditure: J&K FM

16 Jan 2017 | 9:48 PM

Jammu, Jan 16 (UNI) Welcoming the broader consensus reached in the House regarding various reformative initiatives flagged in the Budget 2017-18, Minister for Finance Dr Haseeb Drabu today said it marks the beginning of a progressive trend with the members in agreement that there has to be a tangible roadmap for the economic development of the state.

Retail therapy for jealous partners

Retail therapy for jealous partners

16 Jan 2017 | 6:48 PM

New Delhi, Jan 16 (UNI) Have you ever felt jealous about the attention your romantic partner was giving to someone else? Perhaps your significant other seems to be enjoying a conversation with someone a little too much, or a co-worker is flirting with your partner at a company holiday party.

Renowned dancer Ananda Shankar Jayant launches dance practice app ‘Natyarambha’

Renowned dancer Ananda Shankar Jayant launches dance practice app ‘Natyarambha’

16 Jan 2017 | 7:58 PM

Hyderabad, Jan 16 (UNI) To enable classical dance students practice and hone their ‘adavus’ outside the classroom and provide teachers and gurus with a useful training tool, acclaimed dancer, scholar, speaker, writer and guru Ananda Shankar Jayant has conceptualised a unique web application ‘Natyarambha’ that serves as a personal Bharatnatyam coach.

Vodafone launches SuperNet 4G services in Punjab

Vodafone launches SuperNet 4G services in Punjab

16 Jan 2017 | 5:33 PM

Chandigarh, Jan 16 (UNI) Vodafone, a leading telecommunication services provider in the country, today launched its Vodafone SuperNet 4G services in Punjab with an assurance to its present and prospective customers of real time experience of high speed data downloading.

Nagaland BJP issues directive to ULB poll candidates

16 Jan 2017 | 9:27 PM

Kohima, Jan 16 (UNI) The Nagaland state BJP unit has issued a directive to all BJP candidates not to withdraw their candidature, instead asked the candidates to be committed to their goals of winning the elections to serve the people of their wards devotedly.

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