Page-4 of black money Current Affairs, GK & News

Government constitutes inter-departmental task force to crack down on benami firms

The Union Government has constituted inter-departmental task force comprising members of various regulatory Ministries and enforcement agencies to crack down on benami firms. It is first major post-demonetisation move undertaken by Government for unearthing black money from shell companies used for large-scale money laundering and tax evasion. Key Facts The task force will be headed ..

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Government introduces alternative funding mechanism of electoral bonds: Budget

The Union Government has announced two measures in the Budget 2017-18 to bring in greater transparency in funding of political parties. These include capping cash funding by a single anonymous donor to Rs. 2000 (one tenth of the current limit of Rs 20,000) and introduction of the electoral bonds. It will take effect from 1 ..

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Union Government introduces Taxation Laws (Second Amendment) Bill, 2016

The Union Government has introduced the Taxation Laws (Second Amendment) Bill, 2016 in the Parliament. The bill amends existing tax laws to impose a higher rate of tax and penalty in respect of undisclosed incomes. It proposes, Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY), an anti-poverty scheme. It seeks to ..

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India, Switzerland sign Joint Declaration for implementing AEOI

India and Switzerland have signed a Joint Declaration for implementation of Automatic Exchange of Information (AEOI) in respect of accounts of Indians held abroad. Under the pact, both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards. Thus, it will help India to get access ..

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Rs. 500, Rs. 1,000 notes no longer legal tender

The Union Government has announced that Rs. 500, Rs. 1,000 notes will cease to be legal tender. It was announced by Prime Minister Narendra Modi in a surprise address to nation. The demonetisation drive of these two currency units was taken to root out the menace of black money, corruption and fake currency from the ..

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