Page-3 of black money Current Affairs, GK & News

Government to launch Project Insight

The Union Finance Ministry is planning to launch ‘Project Insight’ from October 2017 to monitor high value transactions and detect tax evaders using technology with a view to curbing circulation of black money. To implement the project government has signed contract with Information Technogolgy major L&T Infotect Ltd.  The project will add to list of ..

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India, Switzerland ink two MoUs in the field of Railways

India and Switzerland have signed two Memorandum of Understandings (MoUs) for exchanging technical cooperation in the field of Railways. They were signed after delegation level talks between Prime Minister Narendra Modi and visiting President of Swiss Confederation Doris Leuthard in New Delhi. They also issued Joint press statement. Signed Pacts MoU between Konkan Railway Corporation ..

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India placed 88th in money hoarded in Swiss banks

As per analysis of the latest figures compiled by the Zurich based SNB (Swiss National Bank) as on 2016-end, India has slipped to the 88th place in terms of money parked by its citizens with Swiss banks. The analysis shows that the money officially held by Indians with banks in Switzerland now accounts for a ..

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Black Money: Automatic Information Sharing with Switzerland from 2019

Switzerland has ratified automatic exchange of financial account information with India and 40 other countries. This will facilitate Switzerland to share information about suspected black money with India and other 40 nations. According to the Swiss Federal Council, the implementation of the exchange sharing agreement has been planned for 2018 and hence the first set ..

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$770 billion Worth of Black Money entered into India during 2005-2014: GFI

US-based think tank Global Financial Integrity (GFI) in its report titled ‘Illicit Financial Flows to and from Developing Countries: 2005-2014’, has estimated that $770 billion worth of black money entered India during 2005-2014. During the same time period, the think tank estimates the exit of $165 billion in illicit money out of the country. It ..

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