Black Money case

[gaurav92]

SC :nice:

[surajmal]

ROFLCOPTER on Black money. There is no money coming back (atleast not in the amount that people are dreaming of). Only positive thing that can come out of it is if GOI puts in the necessary roadblocks to prevent flight of money in the future. Crack down on Hawala etc And I doubt there is anybody noteworthy in the list, otherwise, BJP would have revealed those (unless all the noteworthy names are BJP lackeys). All the big fish would have either moved their funds or have it under fake names/companies. There are 2 kinds of black money, loot from the public coffers and tax evasion. The first kind will be a criminal prosecution and the authorities (if they are interested) will have far better chance with nailing the culprits if they begin the investigation at home. As for the second kind, the middle classes should best keep their judgement to themselves. Because you people are a equal party in this classification. Turn in your parents before calling for the heads of others. Regardless, it is hilarious, how all third world residents ***** and moan about the so called black money. Story is the same everywhere. They all crow about it as if repatriation of the said moneys will result in a uptick of their personal bank balance. Dumbness is dumbfounding. More importantly, it is high time for judicial reforms. BC, SC court has been overreaching for far too many years. Needs to be put it its place. If Black Money wasn't such a hot button issue, I have no doubt that Namo would have given 2 fingers to the idiots on the bench.

[FischerTal]

ROFLCOPTER on Black money. There is no money coming back (atleast not in the amount that people are dreaming of). Only positive thing that can come out of it is if GOI puts in the necessary roadblocks to prevent flight of money in the future. Crack down on Hawala etc And I doubt there is anybody noteworthy in the list, otherwise, BJP would have revealed those (unless all the noteworthy names are BJP lackeys). All the big fish would have either moved their funds or have it under fake names/companies. There are 2 kinds of black money, loot from the public coffers and tax evasion. The first kind will be a criminal prosecution and the authorities (if they are interested) will have far better chance with nailing the culprits if they begin the investigation at home. As for the second kind, the middle classes should best keep their judgement to themselves. Because you people are a equal party in this classification. Turn in your parents before calling for the heads of others. Regardless, it is hilarious, how all third world residents ***** and moan about the so called black money. Story is the same everywhere. They all crow about it as if repatriation of the said moneys will result in a uptick of their personal bank balance. Dumbness is dumbfounding. More importantly, it is high time for judicial reforms. BC, SC court has been overreaching for far too many years. Needs to be put it its place. If Black Money wasn't such a hot button issue, I have no doubt that Namo would have given 2 fingers to the idiots on the bench.

Agree with last para. But to not take any hits in the court of public opinion, govt will have to do what SC says

[surajmal]

It is no longer a crime to maintain bank accounts abroad by resident Indians. On June 1, 2000, the Foreign Exchange Regulation Act (Fera) was replaced by the Foreign Exchange Management Act (Fema). By that change, a criminal offence became a civil contravention. So, nobody can be prosecuted for violating Fema. The clamour doing the rounds now to prosecute every foreign account holder is silly. No prosecution under Fema, or the Prevention of Money Laundering Act (PMLA), is possible since Fema isn’t a scheduled offence under the PMLA. Prosecution can be launched only under the Income-Tax Act for ‘concealment’ of income, not for parking funds abroad. Parking funds abroad without concealing income does not contravene the I-T Act. The destination of concealed income — in India or abroad —is irrelevant under the I-T Act. The consequences of concealment under the I-T Act are slapping additional tax, interest, penalty and prosecution. But every concealment does not give rise to prosecution. Income-tax authorities can exercise discretion whether or not to prosecute, depending on the gravity of each situation. However, the tendency to ‘pick and choose’ names to prosecute and to selectively reveal names under the garb of firming up an ‘agreement’ with Swiss authorities is unlikely to withstand any judicial scrutiny. Before disclosing any name, several questions need to be answered. One, when was the foreign account opened? If opened while the person was a non-resident Indian under Fema, he would be entitled to maintain and operate that account for the rest of his life, even after becoming a resident of India. Two, one has to know if the account has been opened within the limit prescribed by the RBI, applicable to residents. If it has, then it would be in order. Third, if the funds have been generated abroad when the person was an NRI under the I-T Act. If they have been generated abroad, these funds would not be taxable in India. Four, one must ascertain if the funds have been generated abroad while the person was a resident under the Fema and whether these have been repatriated through the banking channel. If so, it would be in order. Five, if funds have been stashed away abroad through the hawala route, whether the Enforcement Directorate (ED) has commenced any adjudication proceedings under Fema. Six, whether the income-tax authorities have issued a notice to ascertain if tax has been paid on funds generated in India and parked abroad. These issues would require investigation by ED and income-tax authorities. The passport of each account holder would require scrutiny to ascertain residential status at various points in time. For ascertaining residential status under the Fema, full opportunity must be given to explain his employment, business and vocation from the date of opening the account. The total number of days that he has remained in India and outside in each financial year must also be ascertained. The residential status would have to be separately determined under the I-T Act. The yardsticks for determining residential status under the I-T Act and the Fema are different, with vastly varying implications. Simply declaring names to brand them ‘criminals’ without investigation would be catastrophic. The court is sure to come down heavily against the government if it carries out any slipshod exercise in a hurry. So, the stand of the government not to disclose names at this stage is correct, even thought the reasoning is wrong. The government is taking shelter behind treaty obligations with foreign countries. It is a settled law that in a conflict between any treaty obligation and domestic law, it is the domestic law that prevails. Even if the treaty obligations had allowed disclosure of names, the government cannot brand anyone a criminal without a proper inquiry. Consequently, government must expeditiously conclude an inquiry under domestic laws and then proceed. And if prosecution is launched under the I-T Act for concealment of income abroad, what about prosecuting those concealing income in India? The I-T Act does not recognise the colour or origin of currency notes. Now about repatriation of funds. Under the I-T Act, an assessing officer has no power either to confiscate on behalf of the central government any asset or to direct any foreign bank account holder to repatriate funds. These powers lie with the ED under the Fema. The ED hasn’t even commenced any adjudication. In any event, residents today can hold, own, transfer and invest foreign assets in many situations. Repatriation of funds is almost unachievable and collecting tax will be minuscule in a $2-trillion economy. So, the fact of the matter is, all this noise about bringing back stashedaway funds into the country isn’t about economics, but politics. (The writer is former Additional Solicitor General of India)

http://blogs.economictimes.indiatimes.com/et-editorials/bringing-back-black-money-the-clamour-is-more-about-politics-than-economics/

[surajmal]

To me it seems like, Jaitley and co. know that there is very little they can do about this issue. So they waited until SC chewtiyas (true to their form) came knocking to play the decider. :hatsoff:

[Haarkarjeetgaye]

Every country has black money. For covert operations and intelligence activities. think this is a terrible move by Modi and anyone else who wants the black money names out

[rkt.india]

Highest amount of black money is in the country itself with real estate businessmen.

[Raghav_12]

To me it seems like' date=' Jaitley and co. know that there is very little they can do about this issue. So they waited until [b']SC chewtiyas (true to their form) came knocking to play the decider. :hatsoff:

:hatsoff:

[surajmal]

:hatsoff:

Please direct your ire towards your Sardaar. Since he already denounced the judiciary.

[seedhi]

To me it seems like' date=' Jaitley and co. know that there is very little they can do about this issue. So they waited until SC chewtiyas (true to their form) came knocking to play the decider. :hatsoff:[/quote']Strange thing is that the list of names was already given to the SIT set up after the SC order in May to investigate the black money issue. So what do the SC judges want the list for? Jerk off to it?

[surajmal]

Strange thing is that the list of names was already given to the SIT set up after the SC order in May to investigate the black money issue. So what do the SC judges want the list for? Jerk off to it?

Ever since the appointment row ( then accountability bill), SC has assumed an adversarial role with GOI. With no opposition in LS, SC feels it has to don the mantle of saviour of the people.

[Raghav_12]

Please direct your ire towards your Sardaar. Since he already denounced the judiciary.

he denounced and you abused.

[surajmal]

he denounced and you abused.

A politician denouncing the apex court in public is much severe than an abuse from an anonymous person.

[seedhi]

A politician denouncing the apex court in public is much severe than an abuse from an anonymous person.

And an ex-CM of Delhi, albeit for 49 days only..

[FischerTal]

Cj dattu and co still peeved about the judicial appointments bill :phehehe:

[Sachin=GOD]

Ever since the appointment row ( then accountability bill)' date=' SC has assumed an adversarial role with GOI. With no opposition in LS, SC feels it has to don the mantle of saviour of the people.[/quote'] Yup. Everyone's targeting poor, innocent Modi.

[FischerTal]

Yup. Everyone's targeting poor' date=' innocent Modi.[/quote'] Nope they were doing this in UPA time too. Giving centre advise on how to formulate policy which they have no business in doing so. That was one of the few times I agreed with chidamabaram

[Sachin=GOD]

Nope they were doing this in UPA time too. Giving centre advise on how to formulate policy which they have no business in doing so. That was one of the few times I agreed with chidamabaram

I would much rather have an active judiciary which sees what the center is doing rather than one which keeps its eyes, ears and mouths shut and let's the Govt get away with everything.

[sticky wicket]

Jaitley becomes a finance minister on issues of defence, and a defence minister on issues of finance.

[FischerTal]

I would much rather have an active judiciary which sees what the center is doing rather than one which keeps its eyes' date=' ears and mouths shut and let's the Govt get away with everything.[/quote'] Checks and balances exist for a reason. All branches of govt are equal.