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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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New Delhi, Apr 20 (UNI) Hydro power major Sutlej Jal Vidut Nigam (SJVN) Limited on Friday signed a Memorandum of Understanding (MoU) with Ministry of Power for generating 9200 million units for the year 2018-19.

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Nissan car wash tool saves 95mln litre water

20 Apr 2018 | 6:25 PM

New Delhi, Apr 20 (UNI) In line with the vision of enriching people’s lives, Nissan in India has saved 95 million litres of water over the past four years though an innovative cars wash technique called Foam Wash.

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Sensex ends down at 34,415 58 in volatile session on negative global

Sensex ends down at 34,415 58 in volatile session on negative global

20 Apr 2018 | 5:42 PM

Mumbai, Apr 20 (UNI) The BSE Sensex declined on Friday by 11.

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Rupee depreciates by 33 paise to close at 66 12 against USD, 13-mnth low

20 Apr 2018 | 5:41 PM

Mumbai, Apr 20 (UNI) The rupee on Friday depreciated by another 33 paise for the fifth consecutive
session to 66.

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MRPL wins BML Munjal award for Business Excellence

20 Apr 2018 | 5:34 PM

New Delhi, Apr 20 (UNI) : Mangalore Refinery & Petrochemicals Limited (MRPL) won the prestigious BML Munjal Award for Business Excellence through Learning and Development.

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