According to Indian laws, it is not illegal for Indians to own property in Dubai. As per the Foreign Exchange Management Act of 1999, resident and non-resident Indians are allowed to own immovable properties abroad.
Of the 129,000 entries in the Dubai database from 181 countries, those of Indians form a sizeable chunk with 5,800 linked to properties in top sites such as the Palm Jumeirah, The World, Motor City, Emirates Living, Dubai Marina, Burj Dubai, Old Town Island.
A customs official said, “310 Euro notes in the denomination of 500 were seized, which amounts to Rs 44 lakh.”
The panel on estimates, which is also called the continuous economy committee, suggests changes in policy or administrative framework to bring efficiency in expenditure.
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.