Indian black money Current Affairs, GK & News

ECI seeks restrictions on cash donations to political parties

The Chief Election Commissioner has written to the Union Law Ministry to limit anonymous political donations. He has provided several recommendations reduce election funding via black money. Key recommendations Disclose donations above Rs.2,000: Under the current rules, political parties are required to disclose all donations above Rs.20,000 through their contribution report. The EC recommends disclosure ..

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Angadia System

Recently, an FIR was registered against three Mumbai Police officials for allegedly threatening Angadias and extorting money from them. Before this, Angadias shop in Mulund was looted by robbers. What is Angadia system? Angadia system is a century-old parallel banking system in India. in this, traders send cash from one state to another through a person called Angadia. ..

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India receives second set of Swiss Bank Account Details

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

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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Swiss National Bank – Annual Banking Statistics: Relevant Points

The annual banking statistics released by the Swiss National Bank makes the following observations: The UK has retained its top position in terms of money parked by its citizens and enterprises with Swiss banks. The UK accounts for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018. ..

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Panel on Black money presents report, silent on estimates, suggest steps

The government came out with a 66-page report elaborating ways to forbid generation of illicit funds. The Central Board of Direct Taxes (CBDT) panel on black money submitted its report suggesting ways to forbid the generation of illicit fund. The panel was established in 2011 to examine ways to beef up laws to check the ..

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