India, US stress need to cooperate on tackling offshore tax evasion
Govt suspends Vijay Mallya's diplomatic passport for 4 weeks on the request of the ED, which is probing money laundering allegations against him
New Delhi: Finance minister Arun Jaitley, who is in Washington to attend the spring meetings of the International Monetary Fund and World Bank, met US treasury secretary Jacob Lew on Thursday as part of the sixth annual US-India economic and financial partnership. A joint statement released by both sides after the meeting stressed the need for increased tax cooperation to crack down on tax evasion. While the finance minister is ensuring tax cooperation with the US, the diplomatic passport of liquor baron Vijay Mallya, who has is suspected to have diverted a loan of ₹ 950 crore, has been suspended.
India, US pledge increased cooperation to crack down on tax evasion
India and the US will work together to ensure that information under the latter’s Foreign Account Tax Compliance Act, or FATCA, is fully reciprocal. Under FATCA, which came into effect last year, Indian financial institutions are mandated to report accounts maintained by US taxpayers to the US government. But so far there has been no reciprocity that would have helped India access such information about its taxpayers. Read More.
Vijay Mallya’s diplomatic passport suspended
In an effort to bring UB Group chairman Vijay Mallya back to India, his diplomatic passport was suspended by the government on Friday for four weeks on the request of the Enforcement Directorate (ED), which is probing money laundering allegations against him. Adding to the pressure on Mallya, the ED on Friday moved a special Prevention of Money Laundering Act (PMLA) court in Mumbai, seeking a non-bailable warrant against the businessman in connection with the suspected diversion of a ₹ 950 crore loan. Read More
Nagaland governor signs Nagaland Online Gaming Bill to law
In a potential boost for online gaming in India, Nagaland governor P.B. Acharya has given his assent to a bill which aims to regulate and legitimize online games of skill. The Nagaland Prohibition of Gambling and Promotion and Regulation of Online Games of Skill Bill, 2015 will now become an Act. Read More
Empty roads, yet 1,311 challans on 1st day of odd-even phase-II
Odd-even phase II started out perfectly for Delhi chief minister Arvind Kejriwal on Friday, with fairly empty roads and mostly odd-numbered cars indicating high compliance, although the fact that it was a holiday and the hottest day of the season contributed to the success. In all, 1,311 challans were issued against violators, which showed there would be stricter enforcement during the 16-day phase II of the road-rationing measure. By contrast, 294 challans were issued on the first day of the January trial. The highest number of challans during phase I came on the first Monday, when 2950 violators were booked. Read More
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