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.
CBDT also said that average deposit per Jan Dhan account at Rs 13,113 during Nov 8-Dec 2 is not alarming.
Following the currency scrap, the total balance in these accounts had crossed Rs 65,000 crore to Rs 66,636 crore.
“We seized the currency from Shabbir Hussain, a trader based in Malkapur in Buldhana district of Maharashtra, during a screening at the checkpost. The entire cash stock was in the scrapped Rs 1,000 notes,” the SP said.
The SIT on black money has asked the RBI to set up a framework for sharing the data on the outflow of illicit wealth from the country with the enforcement authorities, an official statement said on Monday.