Black Money Current Affairs - 2019

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SEBI issues stricter KYC, disclosure norms for P-Notes

The markets regulator SEBI (Securities and Exchange Board of India) has put in place a stricter KYC (Know Your Customer) norms and disclosure regime for Participatory Notes (P-Notes). P-Notes are offshore/overseas derivative instruments (ODIs) issued by registered foreign institutional investors (FII) to overseas investors. They provide easier and cost-effective route to foreign investors to invest Read More…

Month:  Categories: Business, Economy & Banking

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India signs up to Europe-led clampdown on tax evasion and corruption

India has joined a group of nearly 40 countries that have signed a Europe-led clampdown on tax evasion and corruption. Under this group countries are committed to automatically exchange information on beneficial ownership between law enforcement agencies and tax authorities of partner countries. This initiative aims to develop a global standard for the automatic exchange Read More…

Month:  Categories: Governance & Politics

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India, Qatar sign seven agreements to boost bilateral ties

India and Qatar have signed seven bilateral agreements in various fields to boost bilateral ties. These agreements were signed in presence of Prime Minister Narendra Modi and Qatar Emir Tamim Bin Hamad Al Thani in Doha. It was PM Narendra Modi’s second stop to Qatar after he had visited to Afghanistan as part of his Read More…

Month:  Categories: International

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Income Declaration Scheme 2016 to open from 1st June 2016

The Income Declaration Scheme 2016 or four month window for declaration of domestic black money shall come into effect from 1st June 2016. The window provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare their undisclosed incomes. Under this scheme The declared income would Read More…

Month:  Categories: Government Schemes & Projects

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India, Mauritius signs Protocol to Amend Taxation Methods

India and Mauritius have signed a protocol to amend taxation methods for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains. The Protocol seeks to prevent “abuse” of the tax avoidance treaty. It also provides for updation of Exchange of Information Article as per Read More…

Month:  Categories: International

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G20 Countries seek to crackdown on tax havens, terror financing

The G20 countries including India have sought a crackdown on tax heavens, shell companies and terror financing in the wake of the ‘Panama Papers’ scandal. In this regard a communiqué was issued by G20 countries after meeting of its Finance Ministers and Governors of Central Banks on the sidelines of the annual Spring Meeting of Read More…

Month:  Categories: International

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India ranks 4th in black money outflows: GFI Report

India has been placed at fourth position in black money outflows among the developing and emerging economies. It was revealed by Global Financial Integrity’s (GFI’s) Illicit Financial Flows from Developing Countries: 2004-2013 Report.  Key facts Record 1.1 trillion dollars flowed illicitly out of developing and emerging economies in 2013. Top 10 countries: China (1st), Russia Read More…

Month:  Categories: Business, Economy & Banking

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