The exchange will work like this — If an Indian has a bank account in Switzerland, the bank concerned will disclose the financial account data to authorities there; the Swiss authority will automatically forward the information to its peer in India who can then examine the person’s details.
“The GDP has decreased by 2 per cent and 15 lakh people have lost their jobs from January to April this year. The farmers are going through a tough time and the industrial sector is going through one of its worst phases,” said the Congress leader
By unearthing black money, demonetisation has widened the government’s revenue base, giving it more resources for welfare projects.
Slamming the Congress party for inaction against black money, Jaitley said they had adequate opportunity to be in power but couldn’t recollect a single step the party had taken against black money.
The SIT was set up on the orders of the Supreme Court in 2014 through a government notification to suggest methods to curb black money in the economy.
The NIPFP, NCAER and NIFM reports were received by the government on December 30, 2013, July 18, 2014, and August 21, 2014, respectively. These reports were recently submitted to the Standing Committee on Finance, the officials told reporters.
After 99% of banned cash comes back, a fact check on government’s stated objectives of demonetisation
“Prime Minister Modi welcomed the steps taken by the Swiss side to expedite the execution of tax information sharing request by India and hoped that the two sides resolve outstanding issues expeditiously through bilateral dialogue at competent authority level,” it said.
Prime Minister Narendra Modi said that those depositing black money abroad will face more problems once Switzerland starts sharing data with India about funds stashed by Indians there.
Amit Shah said, “There is a fear of the government (in the minds of the black money generators).”
“The government is, however, committed to taking all possible measures to bring back black money stashed by Indians in foreign countries,” he said.
A top I-T department official confirmed that the declarations have reached “well above Rs 300 crore as per latest updated data.”
A revised DTAA, with the new clause, was signed here today between India and Kazakhstan by CBDT Chairman Sushil Chandra and Kazakhstan Ambassador to India Bulat Sarsenbayev.
The searches conducted by IT Department between April 2014-Nov 2016 on 1,356 groups of assessees led to admission of undisclosed income of Rs 31,277 crore apart from seizure of undisclosed assets worth Rs 2,164 crore, said Jaitley.
We could have achieved the purpose set out for demonetisation with far lesser cost, lesser pain albeit with greater effort.