black money: Current Affairs, GK & News - 2020-2021

India receives second set of Swiss Bank Account Details

Published: October 10, 2020

On October 9, 2020, India received second set of Swiss bank details under the “Automatic Exchange Pact” signed with Switzerland. The pact was a key milestone of GoI in its fight back against black money. Highlights India is one among 86 countries with which Switzerland exchanges information on financial accounts. In 2019, India received its ..

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Swiss Money: India moves down to 77th rank

Published: June 27, 2020

On June 26, 2020, the Swiss National Bank released its analysis of annual banking statistics. According to the report, India ranked low when it comes to money held by Indian individuals and organizations with the Swiss banks. Highlights The United Kingdom accounted to 27% of total foreign funds held by Swiss banks and ranked first. ..

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NPL scientists develop ink to stop fake passports and currency notes

Published: December 25, 2019

The Council of Scientific and Industrial Research (CSIR) and National Physical Laboratory (NPL) developed an ink to combat the problem of fake printing of passports and counterfeiting of currency notes. The ink has a new security feature o protecting itself against duplicity Key facts of the discovery The ink was produced based on single excitable ..

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India gets first tranche of Swiss account details

Published: October 7, 2019

Under the new Automatic Information Exchange pact, India received its first tranche of Swiss Bank Account details. India hence is legally one among 75 countries with which the Switzerland Federal Tax Administration (SFTA) has exchanged information. The next exchange of information will take place in September 2020. This is because according to international agreement, the ..

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Amendments in Prevention of Money Laundering Act (PMLA)

Published: August 9, 2019

The Central Government of India has issued a new notification which stated the changes which have been made in the Prevention of Money Laundering Act (PMLA). What is the Prevention of Money Laundering Act, 2002? The Prevention of Money Laundering Act, 2002 was an Act passed in the Indian Parliament. It was the first enacted ..

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