Sebi had on April 4 given brokerages 60 days’ time to have their books vetted. The Securities and Exchange Board of India (Sebi) has come across fresh evidence indicating that as many as five brokers might have used the ‘exchange mechanism’ to launder money in the Rs 5,574-crore National Spot Exchange (NSEL) scam, according to […]

The U.S. Department of Justice Tax Division and the Internal Revenue Service have been ramping up an intense crackdown on offshore tax evasion, and the IRS’s reduced resources due to new budget cuts is having no effect on IRS enforcement initiatives in this area. The government’s reach has extended far beyond Switzerland, where it is […]

Government threatens to disclose identities in official gazette after Switzerland pledges to help tax officials in India HSBC’s Indian customers have been advised to get a lawyer in Switzerland or have their names published in the official gazette over tax evasion claims. HSBC customers in India suspected of tax evasion have been given 30 days […]

Enforcement Directorate (ED) today (nov 20 2014) filed its first charge sheet in a Delhi court against businessman Gautam Khaitan and others, including two Italian nationals, in connection with its money laundering probe in the Rs 3,600 crore VVIP chopper deal. The charge sheet was filed before District Judge IS Mehta who marked the file […]

Government plans to name, shame and charge more in the coming days. In a major step in its crackdown on the country’s parallel economy, the Indian government on Monday revealed before the Supreme Court the names of three persons who allegedly have parked untaxed or ‘black’ money in illicit foreign accounts. Pradip Burman, former Executive […]

The island nation received requests for information in 97 cases from India during the year ended August. The Mauritius government official said the 85 per cent of those requests have been resolved and efforts are on to address concerns of Indian authorities in the remaining ones. “Between August 2013 and August this year, we have […]

Dispelling ‘misperceptions’ that Mauritius is a tax haven its financial sector regulator has said the island nation is in discussions with India to address concerns and make changes to the bilateral tax treaty. Emphasising that the country provides stability and predictability for investors, Mauritius’s Financial Services Commission (FSC) sought to allay concerns that the jurisdiction […]

Marc Hein says some changes in regulations recently introduced are far-reaching and Mauritius waits to see how they work in practice. Mauritius remains committed to prevent round-tripping—a form of money-laundering—and ensure that only companies meeting a certain amount of commercial “substance” are able to benefit from the double taxation avoidance agreement (DTAA) between India and […]