Nirav Modi Current Affairs - 2020

INTERPOL issues Red Notice against Nirav Modi wife

On august 25, 2020, the Interpol issued red notice against Ami Modi, the wife of Nirav Modi. She is the prime suspect in the Rs 13,500 crore Punjab National Bank fraud case. A red notice acts an international arrest warrant. Highlights The red notice was issued in connection with money laundering case that was registered Read More…

China: The Hong Kong Extradition Treaty halted with Canada, Australia, UK

On July 28, 2020, China announced the suspension of extradition treaties of Hong Kong with Canada, Britain and Australia. Highlights China has brought the suspension under its New Security Law in Hong Kong. According to the law, China gained control over external affairs and defence of Hong Kong. Britain suspended its extradition treaty following Australia Read More…

CBDT forms Working Group to assess tax risks of High Net Worth Individuals migrating abroad

The Central Board of Direct Taxes (CBDT) has constituted 5-member working group (committee) to examine taxation aspects related to High Net Worth Individuals (HNWIs) who are migrating abroad to other jurisdictions. The Working Group will be headed by Pragya Sahay Saksena, a joint secretary with Foreign Tax & Tax Research Division of CBDT. Key Facts Read More…

PSBs begin to rationalise 35 overseas operations

The state-owned banks have started rationalising overseas operations by consolidating 35 operations and closing down non-viable branches as part of the clean and responsible banking initiative. The consolidation oncludes bank branches, remittance centres and representative offices. It will be without affecting international presence of PSBs in these countries. Moreover, 69 operations also have been identified Read More…

Cabinet approves Fugitive Economic Offenders Bill, 2018

The Union Cabinet has approved introduction of Fugitive Economic Offenders Bill, 2018 in Parliament. The bill proposed by Finance Ministry aims to curb practice of evading criminal prosecution by economic offenders (wilful defaulters) who flee from country to evade clutches Indian law by remaining outside jurisdiction of Indian courts. Features of Bill It defines fugitive Read More…