The Government has adopted a five-pronged strategy to tackle the sensitive issue of Black Money –
Joining the Global Crusade Against Black Money
· Issues of tax evasion and Exchange of Information have been incorporated in G 20 communiqué due to efforts of India in the recent ministerial meetings.
· India is playing a key role in Global Forum on Transfer Pricing and Exchange of Information for tax purpose, as Vice Chairman of Peer Review Group.
· Joined FATF, Task Force on financial integrity and Economic Development and Eurasian Group.
· India is participating in policy groups of OECD and UN on Exchange of Information, International Taxation and Transfer Pricing as observer and member respectively.
Creating an Appropriate Legislative Framework
· Started renegotiation with 75 countries to broaden the scope of Article concerning Exchange of Information, and negotiation of DTAA and Tax Information Exchange Agreement (TIEA) with new countries and 22 priority countries/jurisdictions (no tax or low tax countries/jurisdictions) respectively.
· India has signed the OECD Multilateral Convention on Mutual Administrative Assistance in Tax matters on 26 January, 2012. This Convention shall expand the scope of India’s treaty network on tax matters.
· Enacted legislation incorporating counter measure against non-cooperative jurisdiction (section 94 A in Finance Act 2011).
· Tightened provisions of transfer pricing.
· Proposed GAAR and reporting requirement of foreign asset in the Finance Bill, 2012.
· 28 of existing DTAA also contain article for assistance in collection of taxes including taking measures of conservancy. Government is trying to have this Article in other treaties as well.
Setting up Institutions to Deal with Illicit Funds
· Ten Income Tax Overseas Units in various Indian Missions abroad have been created and out of which two are already functional. The remaining 8 Units shall be made operational very soon. Creation of more ITOUs is under active consideration.
· To effectively handle the increase in tax information exchange and transfer pricing issues, a dedicated Exchange of Information unit (EOI Unit) has been set up.
Developing Systems for Implementation
· New policy for deployment of manpower to Directorate of Transfer Pricing and International Taxation is implemented.
· Manpower of FT&TR Division in CBDT has been doubled.
Imparting Skills to the Manpower for Effective Action
· Officers are being imparted specialized training abroad in field of International Taxation and Transfer Pricing.
· International seminar on transfer pricing was held in India in month of June 2011.
India played a major role in G-20 discussions and highlighted the importance of automatic exchange of information and importance of obtaining past banking information. India has also obtained useful information about Indians having bank accounts in Swiss bank. This is under investigation. Further a dedicated Exchange of Information Cell has been created to handle the work related to exchange of information in line with latest international standards. (PIB Features.)
Union HRD Minister to Release NBT-NCAER Study on Reading Habits of the Literate Youth of North-East India
Youth of North-East India: Demographics and Readership (Highlights) Union Human Resource Development Minister Dr M M Pallam Raju , will release a report Youth of North-East India: Demographics and Readership in New Delhi tomorrow, 20 th November, 2012. Ministers of State for HRD, Sh Jitin Prasada and Dr Shashi Tharoor would also be present on the occasion. This focused Report attempts to give an analytical and detailed account of the reading habits of the literate youth in the north-eastern states and their exposure to different forms of media, and how diverse socio-economic and motivational factors impact their reading habit. The reading of ‘leisure or non-text books’ among the literate youth is the special focus of the study. The Report is a follow-up study of the National Youth Readership Survey (2009-10) assigned to National Council of Applied Economic Research (NCAER) by the NBT under the National Action Plan for the Readership Development amon
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