Why Should India Focus on Collection of Taxes?

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Jethmalani links Sonia to illegal funds in tax havens

Publish Date: Friday,3 September, 2010, at 12:36 PM Doha Time Former federal law minister Ram Jethmalani yesterday alleged several leaders of the ruling Congress Party had illegal funds stashed in foreign tax havens.The Rajya Sabha MP of the Bharatiya Janata Party (BJP) said that huge amounts of money stolen by criminal offenders from the pockets of poor people of India were hidden in foreign banks. “It is increasingly certain that bigwigs of the Congress are involved in these grave crimes, including (party chief) Sonia Gandhi and her son (Rahul),” Jethmalani alleged.He said that the latest protocol with the Swiss government was a further attempt to blockade the acquisition of information about these highly influential criminals.“The protocol does not even make sense. The double taxation treaty has nothing to do with the present situation,” Jethmalani said. India said on Tuesday a tax pact signed with Switzerland should help the government track illicit funds parked in Swiss bank ac...
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New agency to determine quantum of black money

Shruti Srivastava Posted online: Thursday , Mar 25, 2010 at 0106 hrs New Delhi : The political brouhaha over black money and unaccounted wealth stashed in Swiss banks has prompted the government to undertake a fresh study on the quantum of black money in the country. Almost 25 years after the National Institute of Public Finance and Policy (NIPFP) attempted to estimate the quantum of black money in the economy, the government is finally considering appointing a new agency to undertake a comprehensive study. “We are thinking of setting up a new agency that would be more broad based and the study will cover all sectors,” Central Board of Direct Taxes chairman SSN Moorthy told The Indian Express. The study will focus on forms of black money and the channels from which such unaccounted money originates. The move comes after the Parliamentary Standing Committee on Finance last year raised concerns over the issue, criticising the government for turning away from its responsibility on cl...
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four conditions for sharing information

NEW DELHI: Facing flak from India and others for acting as a safe haven to foreigners stowing away wealth, Swiss banks have said they will share account details of suspected money launderers if the request is supported by four specific details.   The specific details that someone requesting information should provide are the identity of the suspected offenders, details of the alleged offence, along with facts to undermine the suspicion, name of the bank and branch concerned in Switzerland and a written request from the foreign country's tax authority.   India is believed to have completed talks with Switzerland to amend their bilateral tax treaty, which would pave the way for authorities here to seek details of illicit wealth stashed away by Indians in Swiss banks.   Having made it clear earlier that it won't encourage "fishing expeditions" by any country, Swiss banks have also said that account details would not be exchanged automatically and would be shared with ...
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