Government takes various steps in last two years to curb the menace of Black Money both within and outside the country.

Government takes various steps in last two years to curb the menace of Black Money both within and outside the country. https://www.taxtmi.com/news?id=16158 Legislative and administrative measures target black money through a new Black Money Act, a domestic income disclosure scheme, and intensified enforcement including increased seizures and prosecutions. Amendments to PMLA expand the proceeds of crime definition to allow attachment of equivalent in country assets, add restoration mechanisms for legitimate claimants, and designate certain customs and tax evasion offences as predicate offences, while specified non financial actors were notified as designated businesses; FEMA amendments permit confiscation of in India value equivalents for foreign situated contraventions. en-us Tue, 10 May 2016 13:10:18 +0530 Tue, 10 May 2016 13:10:18 +0530 TaxTMI RSS Generator Government takes various steps in last two years to curb the menace of Black Money both within and outside the country. https://www.taxtmi.com/news?id=16158 Legislative and administrative measures target black money through a new Black Money Act, a domestic income disclosure scheme, and intensified enforcement including increased seizures and prosecutions. Amendments to PMLA expand the proceeds of crime definition to allow attachment of equivalent in country assets, add restoration mechanisms for legitimate claimants, and designate certain customs and tax evasion offences as predicate offences, while specified non financial actors were notified as designated businesses; FEMA amendments permit confiscation of in India value equivalents for foreign situated contraventions. News - Tue, 10 May 2016 13:10:18 +0530 https://www.taxtmi.com/news?id=16158