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Swiss banks ask Indian customers to use compliance window

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By NewsGram Staff Writer

New Delhi: Swiss and other European banks have asked their Indian customers to avail the one-time compliance window granted by the tax department for disclosure of foreign assets. This decision has been made keeping in mind the approaching final month’s deadline to declare and pay tax on assets abroad beginning on Tuesday.

Photo credit: www.kashmirmonitor.in
Photo credit: www.kashmirmonitor.in

Swiss and Britain-based banks are asking Indian customers to provide fresh undertakings that all taxes have been paid on funds deposited by them in respective bank accounts, a source said on Monday.

Such undertakings have also been requested from high net worth individuals and corporate clients dealing in wealth and portfolio management, the source added.

The Undisclosed Foreign Income and Assets (Imposition of New Tax) Act, 2015, or the black money act, for the first time allows levy of tax in India on assets kept abroad.

The ministry has notified September 30 as the expiry date of the compliance window, while allowing those with undisclosed income and assets abroad time till December 31 to pay the levies.

Unlawful undisclosed income abroad is taxed at a rate of 30 percent with an additional 30 percent penalty.

Failure to meet the declaration compliance window will attract an additional penalty of 90 percent for a total tax liability of 120 percent on the quantum of black money abroad.

The Income Tax department has filed 121 cases of prosecution against those entities whose names have appeared in the HSBC Geneva bank list.

The 121 cases were filed before the deadline, March 31, after which these cases would have become time-barred and thus could not be prosecuted by the department.

Finance Minister Arun Jaitley has said the government has completed an assessment of 350 foreign accounts and tax evasion proceedings had been initiated against 60 account holders.

This move followed the Supreme Court last year giving a list of 628 entities in the HSBC Geneva branch, furnished to it in a sealed envelope by the government of India, to the Special Investigation Team (SIT) constituted in May last year.

Admitting that there was no official estimation of black money within India or stashed abroad, Jaitley told parliament during the budget session that the government was examining the reports of three institutes on the matter.

An unofficial estimate puts the sum somewhere between $466 billion and $1.4 trillion.

With inputs from IANS

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Demonetisation Anniversary: BJP acts cheeky, releases new video showing Frustration of ‘Corrupt’ Politicians following Demonetisation

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

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Demonetisation Anniversary
Screen grab of the sarcastic video released by BJP to mark Demonetisation Anniversary. Twitter

New Delhi, November 8, 2017 : On November 8 2016, every Indian citizen sat glued to their TV screens as Narendra Modi was set to make a big announcement. Outcome? The Indian Prime Minster shocked the entire nation with the introduction of Demonetisation, a move that was to change the very foundation of the cash-dependent Indian economy.

The much-debated move by Modi garnered the attention of several well-versed economists from the country and abroad, alike. While some people willingly welcomed the move, there were others who stood in staunch criticism.

As the move completes its first year, the Bharatiya Janata Party (BJP) is set to observe November 8 as ‘anti-black money day’ to celebrate Demonetisation anniversary in the country.

On the eve of the Demonetisation anniversary, the BJP released a cheeky video claiming to depict how ‘corrupt’ politicians have been criticizing the move, as the nation won following demonetisation.

WATCH BJP’S TONGUE-IN-CHEEK VIDEO

In the video, the BJP attempted to take a dig at corrupt politicians, who have been criticizing PM Modi’s Demonetisation move.

In the video, a woman, playing the character of a frustrated, corrupt politician can be seen going on a rant over PM Modi’s note ban initiative, which was aimed to combat black money, corruption, fake currency and terrorism.

The video ends with a voice-over saying demonetisation has not only brought out this frustration of corrupt citizens, but also black-money, claiming that almost 99 per cent cash which was previously lying hidden with people has now entered the banking system.

The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.

Ahead of the Demonetisation anniversary, the last few days have witnessed several leaders present their opinions on PM Modi’s demonetization move.

Finance Minister Arun Jaitley called PM Modi’s note ban initiative a ‘watershed moment’ while Piyush Goyal, Minister of Railways believes the move has pushed India towards a more transparent economy.

However, the move is being criticized by ex-Prime Minister Manmohan Singh calling it ‘irresponsible’. The opposition maintains that PM Modi’s note ban initiative has caused reckless damage to the country and the Indian economy.

On Demonetisation anniversary, the BJP is set to observe November 8 as ‘anti-black money day’, while opposition leaders are set to observe the day as ‘black day’ in protest against the note ban initiative.

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