Monday October 23, 2017
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Assets worth Rs.4,147 crore disclosed under black money compliance window

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Photo: www.thewhy.com

New Delhi: The Union government on Monday announced that the total worth of declaration of assets made under the black money compliance window is ₹4,417 crore by 638 declarants.

An official statement said that the assets worth ₹3,770 crore ($580 million) declared under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, were subject to a final reconciliation.

Revenue Secretary Hasmukh Adhia told reporters here that the final quantum of declarations showed some change, though the number of declarants remained the same.

“Some envelopes (declarations), that came from various places, reached us after the last date and the total amount shows some difference at ₹4,147 crore, although the number of declarants remains the same,” Adhia said at a press conference along with other secretaries of the finance ministry and chief economic advisor Arvind Subramanian.

The law provides for a compliance window for declaring and paying penalty. Failure to meet the compliance timeline will attract an additional penalty of 90 percent for a total tax liability of 120 percent on the quantum of black money stashed abroad.

September 30 was the last date under the amnesty scheme, that called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31.

The black money act, for the first time, allows levy of tax in India on assets kept abroad.

The Income Tax department has filed 132 prosecutions against 42 cases whose names have appeared in the HSBC Geneva bank list, Adhia said.

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, to the Special Investigation Team (SIT) constituted in May last year.

The revenue secretary said the tax department is now more actively pursuing penalties and prosecutions with better access to information allowed by treaties like FATCA with the US and the taxation agreements India has with 96 countries.

“Our request for (tax) information from other countries has doubled over the last fiscal. 1,600 requests went out in 2014-15, as compared to 800 the year before,” Adhia said.

At the G20 nations Brisbane summit last November, the leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information, using a common reporting standard by 2017-18.

“A common reporting standard multilateral agreement is being discussed. Some countries, including India, have already agreed on its early adoption from 2017,” Adhia said.

India has no official estimate about the quantum of black money stashed away by Indians abroad, but unofficial estimate puts it somewhere between $466 billion and $1.4 trillion.

(IANS)

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Asia Cup : India Emerge Champions for third time, Beat Malaysia in Asia Cup Hockey Championship

India emerged victorious for the third time

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(representational Image) India vs Malaysia Hockey Match wikimedia

Dhaka, October 22, 2017 : India overcame Malaysia 2-1 in the final on Sunday to win the Asia Cup hockey championship for the third time.

Ramandeep Singh (3rd minute) and Lalit Upadhyay (29th) scored for India. Shahril Saabah (50th minute) scored the reducer for Malaysia. (IANS)

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India Demands Data on UN Staff Misconduct, Use of Immunity

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India has demanded the secretariat disclose information about misconduct by UN staff. Flickr

United Nations, Oct 7: In an attempt to break the wall of silence around the crimes and UN staff misconduct and those on its assignments, India has demanded the secretariat disclose information about such cases and the immunity invoked against prosecutions.

Yedla Umasankar, the legal advisor in India’s UN Mission, touched a raw nerve here by criticising the UN on Friday for not vigorously following up allegations of serious wrongdoing by its employees who enjoy the equivalent of diplomatic immunity, a prized possession of its staff.

“It appears that the UN system itself may be reluctant to waive immunity even for serious misconduct carried out by its personnel while serving on its missions, so that such cases can be prosecuted by the host governments,” he told the General Assembly’s committee on legal affairs.

“Even a few of such instances or allegations of crimes committed by UN personnel is highly damaging for the image and credibility of the United Nations system and its work around the world,” he added.

His statement also touched on the practice of some countries that protect their wrongdoers at the UN.

Umasankar demanded that secretariat disclose how many cases of serious misconduct by UN personnel were registered and the number of cases where the UN refused to waive immunity to allow their prosecution.

He also wanted to know in how many cases the host country wanted the immunity waived so it can prosecute those accused; the number of times the UN asked the host country or the country that sent them to prosecute them; how many times it consulted countries before waiver of the immunity of their personnel and how many of them refused UN’s request to waive their citizens’ immunity.

The information he wanted does not cover the diplomats sent by member countries to represent them at UN bodies and enjoy diplomatic immunity with the nations hosting the UN facilities.

After scores of serious allegations of sexual misconduct by peacekeepers, especially exploitation of children, the UN vowed to uphold a policy of zero tolerance and began publishing data on such cases in peacekeeping operations including how they were dealt with.

Starting with the year 2015, it began identifying the nationalities of those accused.

However, it has not made public a roster detailing all the allegations and proven cases of serious misconduct across the entire UN.

While the focus has been on sexual exploitation and abuse reported on peacekeeping operations, Umasankar said that “at a broader level, the issue of accountability has remained elusive in some cases”.

He attributed it to “the complexities of legal aspects relating to sovereignty and jurisdiction”, the immunity or privileges that may be necessary for UN operations, and the capability or willingness of countries to investigate and prosecute the accused.

He noted that the UN itself cannot make criminal prosecutions.

While Indian laws has provisions for dealing with crimes committed abroad by its citizens, not all countries have them, he said.

Those countries should be encouraged and helped to implement such measures, he added. (IANS)

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Indo-Pak Peace Talks Futile Unless Islamabad Sheds Links with Terrorism, says Study

A Study by a U.S. think tank calls India and Pakistan talks futile, until Pakistan changes its approach.

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India and Pakistan
India and Pakistan. Wikimedia.

A Top United States of America (U.S.) think tank, Carnegie Endowment for International Peace called the relations between India and Pakistan futile, unless Islamabad changes its approach and sheds its links with Jihadi terrorism.

A report “Are India and Pakistan Peace Talks Worth a Damn”, authored by Ashley J Tellis stated that such a move supported by foreign countries would be counterproductive and misguided.

The report suggests that International community’s call for the India and Pakistan talks don’t recognize that the tension between the two countries is not actually due to the sharp differences between them, but due to the long rooted ideological, territorial and power-political hatred. The report states that these antagonisms are fueled by Pakistani army’s desire to subvert India’s powerful global position.

Tellis writes that Pakistan’s hatred is driven by its aim to be considered and treated equal to India, despite the vast differences in their achievements and capabilities.

Also ReadMilitant Groups in Pakistan Emerge as Political Parties : Can Violent Extremism and Politics Co-exist? 

New Delhi, however, has kept their stance clear and mentioned that India and Pakistan talks cannot be conducted, until, the latter stops supporting terrorism, and the people conducting destructive activities in India.

The report further suggests that Pakistan sees India as a genuine threat and continuously uses Jihadi terrorism as a source to weaken India. The report extends its support to India’s position and asks other international powers, including the U.S., to extend their support to New Delhi.

Earlier in September, Union External Affairs Minister Sushma Swaraj in the United Nations General Assembly (UNGA) slammed Pakistan for its continuous terror activities. She attacked the country by saying that India has produced engineers, doctors, and scholars; Pakistan has produced terrorists.

Sushma Swaraj further said that when India is being recognised in the world for its IT and achievements in the space, Pakistan is producing Terrorist Organisations like Lashkar-e-Taiba. She said that Pakistan is the world’s greatest exporter of havoc, death and inhumanity.

-by Megha Acharya  of NewsGram. Megha can be reached at @ImMeghaacharya.