Illegal money News

According to the police, financial transaction worth Rs 10 crore was done in the bank accounts opened with the help of fake documents.

As part of the first phase of the 'Operation Clean Money', launched on January 31 this year.

The government is likely to ban cash transactions over Rs 3 lakh following recommendations from the Supreme Court-appointed Special Investigation Team.

The Supreme Court on Wednesday refused to entertain a plea seeking investigation into alleged conversion of black money into white by certain companies.

A new report on Indians stashing their black money in tax haven and assets abroad illegally is startling.

Sinha also said 669 prosecutions related to evasion of taxes were launched in 2014-15, up from 641 a year ago.

He said under the Foreign Account Tax Compliance Act (FATCA), signed with the US, India has already started getting information. "Wealth of information has come from US," he said.

Having started making public the names of Indians and other foreigners with bank accounts that are under scanner, Switzerland will now publish in December a list of accounts that have remained unclaimed for 60 years.

The SIT on black money will closely monitor the source of wealth and its utilization by the Indian Godmen.

Talking tough on illegal money- pooling schemes, regulator Sebi today said it has passed orders against 250 companies engaged in such activities and has also managed to recover Rs 26 crore from them so far.

This is in contrast to the Das' statement last week, where he had said that the information provided during the one-time compliance window can be revealed in the public interest.

The recently launched book "It's Raining Black! Chronicles of Black Money, Tax Havens and Policy Response" -- talks about policy measures framed by the government to tackle the menace of illegal funds in the country and abroad.

In a first major admission of being an "attractive location" for laundering of assets amassed illegally abroad, Switzerland has said it needs to further strengthen systems for combating money laundering and terrorist financing.

Senior BJP leader Subramanian Swamy today said he had written to the Prime Minister Narendra Modi suggesting ways to bring the black money back, and the present measures were not enough.

These included an American citizen, identified by the initials 'RK' and date of birth, Czech Republic-based H2 Medical, as also a Georgian and a Nigerian national.

Centre on Tuesday said it is pursuing cases against people having black money stashed abroad "quite vigorously" and has lot of data about Indians having foreign bank accounts in violation of country's laws.

Under the new law, those found to be stashing illicit funds in foreign locations, including Swiss banks, would face strict penal action.

To check the generation of black money in the country, the Cabinet on Wednesday approved the new Benami Transaction (Prohibition) Bill which provides for stringent measures against violators.

ED has surpassed previous records and attached assets worth over Rs 9,000 crore in the last financial year for hawala and money laundering crimes.

Jaitley said the government has been taken steps to unearth black money stashed abroad.