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Bilateral meetings with tax havens to deal with black money issue: Ministry of Finance

black money in stock market

black money in stock market

By NewsGram Staff Writer

Ministry of Finance has decided that a team of senior officials will hold bilateral meetings with foreign jurisdictions to quicken the recovery of black money. The ministry took this decision after consulting with the Special Investigation Team set up to investigate on the black money issue.

A senior official of the Finance Ministry told PTI, “The step is aimed to cut down on the time taken in paper-based documentation and communication in cases of illegal funds stashed abroad.”

“A team of senior officials drawn from the Ministry and its various field formations will hold meetings and put across requests related to probe in these cases right on the discussion table. The required sanctions in this regard have been obtained from the government,” he added.

PTI reported that a note prepared by the Central Board of Direct Taxes stated, “These bilateral meetings will help India in making targeted and specific requests for information and to understand the problems, if any, which prevent them in providing the information, and to examine how the same can be addressed.”

Reportedly, three such meetings have already taken place and about half-a-dozen more are lined up this year, including one with the European Union.

According to PTI, as a part of the measures to deal with the black money issue, investigators have also received a new dossier on tax-related business information on about a dozen entities whose names were reported by an international group of investigative journalists sometime back.

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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.

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.


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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