Page-4 of black money
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 ..
Month: Current Affairs - February, 2017
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 ..
Month: Current Affairs - February, 2017
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 ..
Month: Current Affairs - November, 2016
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 ..
Month: Current Affairs - November, 2016
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 ..
Month: Current Affairs - November, 2016
Benami Transactions (Prohibition) Amendment Act, 2016 comes into force
The Benami Transactions (Prohibition) Amendment Act, 2016, designed to curb black money and passed by parliament in August 2016, came into effect. The new law amended the Benami Transactions Act, 1988 and renamed as the Prohibition of Benami Property Transactions ..