Eight IT units abroad to check blackmoney

Finance ministry says it will expedite investigation process

PTI | April 26, 2012



The government has deputed eight senior IRS officers to officiate as First Secretaries in the newly-created Income Tax overseas units in countries like the US, the UK and Japan as part of efforts to curb the problem of blackmoney and illegal funds stashed away abroad.

The Income Tax officials, having a tenure of three years, will function from the Indian Missions in Washington DC (the US), London (the UK), Berlin (Germany), Paris (France), The Hague (Netherlands), Abu Dhabi (the UAE), Cyprus (Nicosia) and Japan (Tokyo).

The orders for the deputation of an Indian Revenue Service (IRS) officer to Japan were awaited and the same were issued last evening.

The units will be operational very soon as these officers will join in some time at their designated locations, official sources said.

Finance Minister Pranab Mukherjee, during his Budget speech, had made a big allocation for setting up these I-T overseas offices.

While the initial budgetary allocation for these units was Rs 2.41 crore in the last fiscal, it has been raised to Rs 18.20 crore in the current year.

"The officials deputed are adept at handling tax evasion cases and international tax treaties and will also help the department liaise with authorities of these countries in tax cases including various high-profile cases which the I-T is currently investigating," a senior Finance Ministry official said.

The officials at these units will also help investors from abroad understand Indian tax laws and procedures so that they can make informed decisions, the official said.

The units would also obtain information on tax and financial data of investments made by individuals and institutions in these countries and facilitate any data on investment or routing of money in the country and vice-versa.

"This information helps during investigations in cases of tax evasion and ensuring tax compliance under the provisions of the Double Taxation Avoidance Agreement (DTAA) and other tax treaties," the official said.

As a number of I-T probes are linked to these countries, the Finance Ministry expects that by having an office in these nations, it would help expedite the investigation process.

Two such units in Singapore and Mauritius are already operational since 2010.

Comments

 

Other News

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Cabinet approves viability gap funding to develop grid-scale energy storage systems

The Union Cabinet, chaired by PM Narendra Modi, has approved the Viability Gap Funding (VGF) Scheme for Development of Grid-Scale Energy Storage Systems, with a total financial support of Rs.14,500 crore for the period FY 2026-27 to FY 2030-31. The scheme aims to support the development o

Cabinet creates a pathway to absorb Agniveers in Defence Forces

An objective assessment in terms of organisational requirements and operational efficiency has brought out the outstanding performance of Agniveers in terms of skills, motivation levels, physical fitness and technological prowess. As envisaged earlier, based on merit, 25% of Agniveers will be offered reg

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter