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HSBC under probe for abetting tax evasion

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Indian tax department had issued a warning notice to global banking massive HSBC to prosecute its Swiss and Dubai offices for allegedly abetting tax avoidance by four Indians and their families.

The tax authorities continuing the investigation on UK-based HSBC which was disclosed on Monday, regarding alleged abetment of tax evasion through its Geneva branch. HSBC said that it is cooperating with the authorities and hoped a ‘’significant’’ financial impact as a result of these investigations.

According to tax authorities, they have sufficient evidence against HSBC involvement in illegal activities. HSBC  had been scanned under Reserve Bank of India also which revealed the dissonance in the banking operations, including allowing a decoy customer to open a  suspicious account in September 2014.

HSBC was examined by Indian tax authorities after the leaked list of hundreds of Indian clients of its Geneva branch from French and German.

This will help Indian government to fight against black money which is allegedly stashed in Switzerland, there have been apprehensions that the illegal money has been shifted to some other place like Dubai in recent years. Similar lists made in other countries also, prompting probe.

HSBC said that it had first issued its summons in February 2015 from tax authorities while fresh notices were issued in August and then in November during the announcement of annual results, without disclosing the names of Indians who were involved in the tax evasion through its Swiss and Dubai units.

The bank on Monday reported a revenue of $1.84 billion in 2015, up from $1.74 in 2014 from Indian operations. However, it has a profit of $606 from India operations, including from global banking and market business. For India, its customer account had the balance of $11.8 billion at the end of 2015, up from $11.7 billion in 2014.

Meanwhile, the RBI report alleges that HSBC could have possibly optimized the violation of Foreign Exchange Management Act (FEMA) by allowing customers to bank with offshore private banking locations.

A sample check of HSBC’s outward remittances has found that bank has breached the limits under the Liberalised Remittance Scheme, which allow Indians to open accounts abroad, reported RBI. It also reported on alleged deficiencies in KYC procedures.

The UK-based bank has been under the scanner of financial sector regulators in many countries. In December 2012, the US authorities had slapped a fine of $1.9 billion on the lender for breaking US anti-money laundering rules. (Inputs from agencies)

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India to Launch Electronic Intelligence Satellite Soon

In January, the space agency launched a defence imaging satellite Microsat R for the DRDO

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TESS, rover, NASA, mercuryKeplar, NASA
TESS, the Transiting Exoplanet Survey Satellite, is shown in this conceptual illustration obtained by Reuters on March 28, 2018. NASA sent TESS into orbit from the Kennedy Space Center in Florida aboard a SpaceX Falcon 9 rocket. VOA

India on April 1 will launch an electronic intelligence satellite Emisat for the Defence Research Development Organisation (DRDO) along with 28 third party satellites and also demonstrate its new technologies like three different orbits with a new variant of PSLV rocket, ISRO said on Saturday.

According to Indian Space Research Organisation (ISRO), a new variant of its Polar Satellite Launch Vehicle (PSLV) rocket will first put the 436 kg Emisat into a 749 km orbit.

After that, the rocket will be brought down to put into orbit the 28 satellites at an altitude of 504 km.

This will be followed by bringing the rocket down further to 485 km when the fourth stage/engine will turn into a payload platform carrying three experimental payloads: (a) Automatic Identification System (AIS) from ISRO for Maritime satellite applications capturing messages transmitted from ships (b) Automatic Packet Repeating System (APRS) from AMSAT (Radio Amateur Satellite Corporation), India – to assist amateur radio operators in tracking and monitoring position data and (c) Advanced Retarding Potential Analyser for Ionospheric Studies (ARIS) from Indian Institute of Space Science and Technology (IIST) – for the structural and compositional studies of ionosphere, the space agency said.

The whole flight sequence will take about 180 minutes from the rocket’s lift off slated at 9.30 a.m. on April 1.

The 28 international customer satellites (24 from US, 2 from Lithuania and one each from Spain and Switzerland)- will weigh about 220 kg.

OSIRIS-REx, NASA, Asteroid bennu
Satellite To Conduct Biological Experiments In Space, Plans Space Kidz India. VOA

“It is a special mission for us. We will be using a PSLV rocket with four strap-on motors. Further, for the first time we will be trying to orbit the rocket at three different altitudes,” ISRO Chairman K. Sivan had earlier told IANS.

The PSLV is a four-stage engine expendable rocket with alternating solid and liquid fuel.

In its normal configuration, the rocket will have six strap-on motors hugging the rocket’s first stage.

On January 24, the ISRO flew a PSLV with two strap-on motors while in March, it had four strap-on motors.

The Indian space agency also has two more PSLV variants, viz Core Alone (without any strap-on motors) and the larger PSLV-XL.

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The ISRO selects the kind of rocket to be used based on the weight of satellites it carries.

The ISRO will also be launching two more defence satellites sometime in July or August with its new rocket Small Satellite Launch Vehicle (SSLV).

In January, the space agency launched a defence imaging satellite Microsat R for the DRDO. (IANS)