Black Money Current Affairs - 2020

NPL scientists develop ink to stop fake passports and currency notes

The Council of Scientific and Industrial Research (CSIR) and National Physical Laboratory (NPL) developed an ink to combat the problem of fake printing of passports and counterfeiting of currency notes. The ink has a new security feature o protecting itself against duplicity Key facts of the discovery The ink was produced based on single excitable Read More…

India gets first tranche of Swiss account details

Under the new Automatic Information Exchange pact, India received its first tranche of Swiss Bank Account details. India hence is legally one among 75 countries with which the Switzerland Federal Tax Administration (SFTA) has exchanged information. The next exchange of information will take place in September 2020. This is because according to international agreement, the Read More…

Election Commission of India on Electoral Bonds

In an affidavit filed before the Supreme Court, the Election Commission of India has made the following observations: Electoral bonds, contrary to government claims, wreck transparency in political funding. Electoral bonds coupled with the removal of the cap on foreign funding invites foreign corporate powers to impact Indian politics. Electoral bonds would cause a “serious Read More…

RBI replies to RTI regarding Demonetisation

The minutes of meeting which had approved the demonetisation of Rs 500 and Rs 1000 currency notes has been revealed through RTI. The government had contested that demonetisation would help curb black money and a steep rise in Rs 500 and Rs 1,000 notes; check the circulation of fake currency and promote e-payments and financial Read More…

Government makes mandatory for Banks to match original IDs with photocopies

The Department of Revenue (DoR), Finance Ministry has made it mandatory for banks and financial institutions to check original identification documents of individuals dealing in cash above prescribed threshold to weed out  use of forged or fake copies. In this regard, DoR has issued an official gazette notification making an amendment to Prevention of Money-laundering Read More…