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Black money: Income Tax shifts focus to criminal consequences

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arun-jaitley

New Delhi: At a time when unaccounted wealth of Indians stashed away in foreign banks is under focus, the income tax department has shifted its attention from civil consequences to criminal consequences in serious cases of tax evasion.

“In its crusade against black money and with a view to having credible deterrence against generation of black money, the government has shifted its focus to successfully prosecuting the offenders in the shortest possible time,” the finance ministry said in a statement Thursday.

“During 2014-15 (up to December 2014), the income tax department had conducted searches in 414 groups and seized undisclosed assets of Rs.582 crore,” the statement added.

Undisclosed income of Rs.6,769 crore has been admitted by the taxpayers during such searches.

Saying that the focus of investigation in the department had so far been on civil consequences, or revenue augmentation, the ministry said over 600 prosecution complaints have been filed in the current fiscal up to December 2014.

Reacting to an Indian Express report Monday that 1,195 Indians were in the list of clients who held accounts in HSBC bank’s Geneva branch from 2006-2007, Finance Minister Arun Jaitley said: “The details that have come out today (Monday) are the ones we already have.”

The central government has completed assessment of 350 foreign accounts while tax-evasion proceedings have been initiated against 60 account holders, Jaitley told reporters here.

In this connection, India has strongly advocated the fast implementation of the automatic exchange of tax information globally, within the time-frame agreed by the G20 countries.

“This would help India trace transactions of money illegally earned or stashed in foreign banks without paying appropriate taxes in the countries where those transactions took place,” Minister of State for Finance Jayant Sinha told a meeting of the G20 nations’ finance ministers and central bank governors in Istanbul held Feb 9-10, an official release said here Wednesday.

At the G20 Brisbane summit last November, leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information, using a common reporting standard by 2017-2018.

India has no official estimates of illegal money stashed away overseas, but the unofficial ones range from $466 billion to $1.4 trillion.

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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