Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

In a bid to avoid embarrassment in future, professionals who used to work overseas declared <keyword id="124708" type="UNKNOWN" weightage="20" keywordseo="unaccounted-wealth">unaccounted wealth</keyword>. The total sum declared by doctors, engineers and managers amounted to Rs 4,147 crore. 
 
However, the amount was still less that the expectations of the government. 
 
The declared money was more than the number of filings made by companies, trusts, etc. 
 
Experts pointed out that these professionals declared assets out of fear and wanted to be safe in all aspects. 
 
Tax advisors said Indians who have come back declared income and investments made when they were abroad. 
 
They also pointed that the profile of assets had changed that was declared. 
 "In 1997, under the <keyword id="782168" type="ENTERTAINMENT" weightage="20" keywordseo="voluntary-disclosure-of-income-scheme">Voluntary Disclosure of Income Scheme</keyword> (VDIS), a lot of people had declared gold, cash and even property. This time around, most people declared money in bank accounts and shares of companies they held," said an expert. 
 
Total 638 people declared Rs 4,147 crore of previously undisclosed foreign assets during the three-month compliance window, which ended on September 30. 
 
Reportedly, the highest declared amount by an individual was Rs 200 crore. 
 
The government has warned those who didn't declare their unaccounted assets during 90-day period should be ready to face the consequences. This includes penalties and prosecution. The law makes wrongdoers liable for rigorous imprisonment of up to 10 years. 
 
(Image: Thinkstock)

You won’t believe the kind of people who just declared their black money. And, they’re not businessmen or million dollar firms

<ul><li>The Enforcement Directorate is currently investigating <keyword id="1702687" type="ORGANIZATION" weightage="20" keywordseo="YES-Bank-founder">Yes Bank founder</keyword> <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>.</li><li>They suspect that he's responsible for ₹30,000 crore worth loans at Yes Bank that went bad.</li><li>Here's the full story of everything that the ED's investigation has revealed so far about how Rana Kapoor gave out those loans and pocketed the kickbacks.</li></ul>Yes Bank founder Rana Kapoor shunned the family jewellery businesses to break into the tough world of private banking in India. However, his choice of loans, heady risks and illegal practices of lending against kickbacks brought the country’s fourth-largest lender under the lens of investigative agencies. A year after he entered the billionaire club, Kapoor’s world <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">started to crumble</a> when the Reserve Bank of India (RBI) asked Kapoor to step down from his position as CEO of Yes Bank by January 2019. By July, Yes Bank’s share price had dropped by 78% leaving Kapoor with a net worth of $377 million. 
 
 
 <div type="image" title="rana6" msid="74645019" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor addresses his first press conference after taking charge as ASSOCHAM President in New Delhi on 26 July 2013&amp;lt;/p&amp;gt;"></div>







 But the bank had lost much more as ₹30,000 crore worth loans went bad, and the Enforcement Directorate (ED) held him responsible. After the <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">ED arrested him</a>, it has identified 78 shell corporations that are suspected of receiving kickbacks in exchange for loans that no other bank would touch. According to the investigation, as his depositors lost money, he became richer by ₹5,000 crore only in kickbacks. With funds routed through shell companies and benami accounts, Kapoor <a href="https://www.businessinsider.in/business/news/a-reported-list-of-rana-kapoors-assets-include-a-30-million-investment-in-uk-a-yacht-and-five-properties-in-delhi/articleshow/74594273.cms">bought hotels in New York</a> and London, bungalows in Delhi, flats in Mumbai and expensive paintings. The ED's investigation also revealed that, Kapoor who played fast and hard with rules, also failed to insulate his family from harm. His wife Bindu and <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">three daughters</a> — Roshini, Radha and Rakhee — are at the helm of most of these shell companies, and CBI has its claws around them too. The case of money laundering The saga of crony capitalism started to come to light last week when Kapoor was booked under the Prevention of Money Laundering Act (PMLA) on March 6 to look into the connection between him and Yes Bank’s bad loans. 
 
 
 <div type="image" title="rana7" msid="74645029" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor arrested at his residence in Mumbai by the ED&amp;lt;/p&amp;gt;"></div>







 The ED <a href="https://www.businessinsider.in/business/news/yes-bank-founder-rana-kapoor-questioned-on-money-laundering-case-house-raided-by-ed/articleshow/74522297.cms">raided his residence</a> at Samudra Mahal in Worli to search for evidence and grilled him for hours. The following day, <a href="https://www.businessinsider.in/business/news/ed-continues-questioning-yes-bank-founder-rana-kapoor/articleshow/74525680.cms">officials took Kapoor</a> back to ED’s Ballard Pier office in Mumbai. During the course of the interrogation, the agency expanded its probe to include his daughters. They allegedly own multiple companies that received kickbacks from different corporates who received loans from Yes Bank. 
 
 
 <div type="image" title="rana9" msid="74645036" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor reprimanded into ED Custody until March 16&amp;lt;/p&amp;gt;"></div>







 The ₹600 crore kickback from DHFL One of the companies suspected by the ED of giving kickbacks to Kapoor’s companies is DHFL — <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">accused of misappropriating funds</a> worth ₹25,000 crore, which ultimately led to its downfall. Yes Bank had doled out a loan of ₹3,750 crore directly to DHFL and another loan worth ₹750 crore to RKW Developers, a subsidiary of DHFL. However, when the real estate company defaulted on its loan, Kapoor did not initiate any action. 
 
 
 <div type="image" title="rana4" msid="74645060" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor (C) with wife Bindu Kapoor (L) and daughter Roshni Kapoor (R)&amp;lt;/p&amp;gt;"></div>







 The ED now suspects that his restraint was a result of <a href="https://www.businessinsider.in/business/news/ed-questions-yes-bank-founder-rana-kapoor-for-second-day-expands-raids/articleshow/74530525.cms">kickbacks to the tune of ₹600 crore</a> to Doit Urban Ventures — a dummy corporation owned by Kapoor and two of his daughters. Nearly 80 shell companies set up to receive bribes and buy bungalows Two days into the interrogation Kapoor was arrested for not cooperating with the authorities. Meanwhile, 10 teams of the CBI were involved in its <a href="https://www.businessinsider.in/business/news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-in-mumbai-loc-issued/articleshow/74554915.cms">search operations</a> spread across the south Mumbai neighbourhood. The ED found that Rana Kapoor and his family had more than <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">78 shell companies </a>set up to receive bribes and invest in properties under the radar. All of these companies were either directly under Kapoor’s control or under the control of his wife and daughters. His wife, Bindu, was the director of at least 42 companies. 
 
 
 <div type="image" title="25110ed6046e3eb4597f509f58f1c4eb_edited" msid="74645069" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor&amp;#39;s property at Amrita Shergil Marg&amp;lt;/p&amp;gt;"></div>







 The companies allegedly invested in properties with a net worth of over ₹2,000 crore. An official told PTI that the current market value of those properties could be <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">well above ₹5,000 crore.</a> His shady overseas properties include two luxury hotels — one in New York worth over $20 million and one in London worth nearly £30 million — two residential apartments in London valued at £15 million apiece, and a yacht. In India, Kapoor owns six bungalows in Delhi’s upscale neighbourhoods, including Jor Bagh, Hauz Khas and Kautilya Marg. Two were bought by a company called Bliss Adobe, which had Bindu as its director. The property on Amrita Shergil Marg was auctioned off by Avantha Realty when Bliss Abode picked it off the market. Coincidentally, Yes Bank’s exposure to Avantha Realty was ₹500 crore. The other house on Sardar Patel Marg was bought by the Kapoor’s shell corporation Bliss Home. ED’s investigation noted that the house was formerly owned by Vijay Mallya. ED also found that Kapoor owns six flats and a parcel of land in Mumbai and its suburbs. Priyanka Gandhi Vadhra and the painting by MF Hussain During the search of his Mumbai residence, the ED seized nearly 50 pieces of art from his home. One of the paintings — <a href="https://www.businessinsider.in/politics/india/news/congress-raises-question-over-rana-kapoors-links-with-bjp/articleshow/74544228.cms">a portrait of former prime minister Rajiv Gandhi by MF Hussain</a> — belonged to Congress leader Priyanka Gandhi Vadra. The Congress party says that the deal between Vadra and Kapoor was a transparent transaction of ₹2 crore. The payment was made through cheque and was reflected in income tax returns. However, the ED is still looking into whether the painting was Vadra’s to sell or belonged to the All India Congress Committee (AICC). It’s also looking into whether the provenance certificate — which authenticates the artwork — was signed by Vadra and under what circumstances. Can’t leave the country Kapoor and his family currently can’t leave the country. A look-out notice was also issued in their names on March 12 along with DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan. Roshini, Kapoor’s youngest daughter, was stopped at the CSM International Airport in Mumbai trying to catch a flight to London. Kapoor’s arrest has been extended to March 16 during which he will be in the custody of the ED. The Central Bureau of Investigation (CBI) is also loading its guns. It has begun a probe into the Yes Bank affairs but has not elaborated on the nature of the probe. The Income Tax Department is next in line to initiate action against Kapoor and others for tax evasion and possession of alleged undeclared foreign assets. Meanwhile, the Odisha unit of the Bharatiya Janata Party (BJP) has asked for a separate probe to look into the alleged conspiracy behind the deposits of ₹545 crore of the <a href="https://www.businessinsider.in/business/news/concern-over-lord-jagannaths-rs-545-crore-in-yes-bank/articleshow/74514318.cms">Shree Jagannath Temple</a>. Money laundering, tax evasion, fraud and insider trading— the founder of India’s fourth-largest private sector bank Rana Kapoor has been accused of it all. And, the evidence against him is piling up. While depositors are all set to get <a href="https://www.businessinsider.in/india/news/yes-bank-withdrawal-limit-to-be-lifted-in-three-working-days/articleshow/74624128.cms">relief this week</a> as moratorium lifts, Kapoor who claims he has “no clue” why RBI restricted withdrawals - will stay with the authorities trying to explain how he sunk crores into companies that can best be described as money pits. See also: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation</a> <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">The three Kapoor sisters who said ‘no’ to banking are now in the dock with Yes Bank crisis</a>

Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

Run as much as you can, but tax authorities would catch you. Companies or individuals, who are planning to drop their Indian 'resident' status to avoid the stringent new <keyword id="6356023" type="UNKNOWN" weightage="80" keywordseo="Black-Money">black money</keyword> law and evade tax, would not be able to execute their plans this time. 

	The new black money law came into force from April 1, according to an Economic Times report. 
 

	Tax authorities would be able to take action against those having undeclared overseas assets even after they change their residents status."If the overseas asset was acquired and held as a resident and not disclosed, then action can be taken even if there is a change in residency status subsequently," said a government official.
 According to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill 2015, all 'resident' Indians have to declare foreign assets to tax authorities. There have been reports of individuals with foreign assets gaining residency in <keyword id="6354539" type="COMPANY" weightage="80" keywordseo="Dubai">Dubai</keyword> and <keyword id="6356662" type="COUNTRY" weightage="60" keywordseo="Singapore">Singapore</keyword> to avoid the law. 

	The new law has created problems for those who have undisclosed illegal money stashed in foreign banks. As a result tax experts have been getting calls on how to deal with the law. 
 

	An individual is a resident if present in India for 182 days or more during a particular financial year or is in the country for 60 days in the relevant financial year along with 365 days or more during the preceding four financial years. 
 

	A company is resident if it's a local venture or control and management are wholly based in the country. The new law has many change in residence covered and that is why a compliance window has been proposed, a tax official said. "Assets discovered at a later date when an assessee has changed his or her residency don't alter his situation before the law, which is that his asset was part of his income when he was a resident and not disclosed to tax authorities," the official said. 
 <keyword id="266375" type="PERSON" weightage="80" keywordseo="Sanjay-Sanghvi">Sanjay Sanghvi</keyword>, partner at law firm <keyword id="558469" type="COMPANY" weightage="80" keywordseo="Khaitan-Co">Khaitan &amp; Co</keyword>, agreed that such a change wouldn't work. He said, "Merely changing residency to a foreign country may not help since the offence relates to a period when the person concerned was a resident of India. Proceedings can still (be initiated) against him and his properties in India, if any, carry risk of attachment." The law, part of the <keyword id="6387077" type="ORGANIZATION" weightage="80" keywordseo="Narendra-Modi-government">Narendra Modi government</keyword>'s crackdown on black money, provides for a compliance window. All those who have foreign assets can pay 30% tax and 30% penalty to avoid prosecution. 

	After the window closes, tax authorities will be able to initiate action under the new law on the basis of information from other jurisdictions. India has begun to receive information from many tax havens on assets held by Indians.
 

	Undisclosed foreign income or assets will face a tax of 30% along with 90% penalty besides prosecution. 

	 
	(Image: Indiatimes)

Shedding ‘Indian resident’ tag won’t help you in tax evasion anymore

The centre being confident to bring black money back is strategizing ways that would not only speed up the process but make sure the ones willing to pay penalty and bring back the money goes under no trouble. The income-tax department has planned to open two centres in Delhi and Mumbai, which will facilitate non-intrusive processing of information in a focused manner. 
 
As per a news report by The Economic Times, There have been deliberations at the highest level of the finance ministry on how to implement the new law. There are concerns over potential harassment and the government clearly wants to avoid any missteps on this count. 
 
"There will be sensitivities. There will be a team of senior income-tax officials to implement the scheme,"an official told the ET adding that the cells will have a hotline with the Central Board of Direct Taxes (CBDT). 
 
While the compliance window could be open for 2-3 months to declare undisclosed income and assets, a further six months could be provided to make tax payments. The window will be available only during the current financial year and will be notified soon after the law receives Presidential assent. 
 
The Black Money (Undisclosed Foreign Income and Assets) And Imposition of Tax Bill, 2015, passed by both the Houses of Parliament, requires all resident Indians to declare foreign assets and income. The law, part of the Narendra Modi-led NDA government's large-scale crackdown on black money, provides a compliance window for all those who have undeclared foreign assets or income to come clean, after paying 30% tax and 30% penalty. 
 
The news report reads, Swiss banks were reported to have deposits of Rs 14,100 crore from Indians, up from Rs 8,547 crore a year ago at the end of 2013. It is not clear how much of this is black money in the sense of being proceeds of tax evasion or crime. Global Financial Integrity estimates an average $44 billion outflow from India every year between 2003 and 2012.

Govt preparing a no-harassment cell for people paying up ‘black money’

The <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">Black Money</keyword> Act (the Act) had been promulgated with the intention to pursue black money stashed overseas. The Act levies tax at the rate of 30% on any undisclosed foreign income and assets held abroad by a person who is ordinarily resident in India. Additionally, the act provides for a penalty equivalent to three times the value of tax. Therefore, the total tax exposure can be as high as 120%. Further, the incumbent may be subject to imprisonment for a maximum term of 10 years. 
	 
	With a view to provide relief to the taxpayer and to encourage him/her to disclose their undeclared foreign income and assets, the Act provided for a one-time compliance window for declaration of undisclosed foreign income and assets by the taxpayer. Upon declaration, the taxpayer was liable to tax at the rate of 30% of the fair market value of the assets and a penalty of 100% of the tax, bringing the tax rate to 60% of the value of the assets. It was also clarified that the contents of the declaration will be used as evidence against the taxpayer under the Income Tax Act, 1961, the Wealth Act, 1957, or Foreign Exchange Management Act, 1999 and the value of the assets will not be chargeable to wealth tax. The time period for declaration expired on 30 September 2015. 
	 
	Black money: The current scenario 
	 
	However, the one-time relief received a tepid response and as per the government announcement, it received details of undisclosed foreign assets worth Rs3,770 crore from 638 declarants which translates into an average of INR6 crore per declarant. However the Revenue Secretary Hasmukh Adhia in a press conference on October 6, revised the figure from INR3,770 crores to INR 4147 crores. The miserly value of declaration further strengthened the belief that many of the big evaders have chosen not to avail the benefit of the compliance window. 
	 
	There are many reasons for the defeated response to this one-time opportunity. Lack of trust that the information provided may not remain confidential has been cited as the major reason for people not opting for this route. The government laid down stringent penal provisions and achieved its objective of creating fear in the minds of people, thereby acting as a deterrent for future creation of black money. But the existing evaders were also fearful that the declarations made by them may be used against them under some other law. 
	 
	Another major reason for people to back out was the possibility of a probe into interrelated transactions, with some of the people involved in a transaction willing to make a declaration, while the others may choose not to declare. Further, there also exists the possibility of routing money into India through the stock market. 
	 
	In addition to the above, many other reasons such as insufficient time provided to make the declaration, a steep tax rate of 60 per cent (including penalty) and above all a lack of clarity on the interpretation of certain provisions of the Act, have led to people not opting for the one-time option. 
	 There are numerous estimates of the amount of black money stashed abroad, ranging from 10 to 100 per cent of India's GDP. As per <keyword id="6354572" type="ORGANIZATION" weightage="20" keywordseo="CBI">CBI</keyword> estimates, Indian black money amounts to $500 billion. 
	 
	Therefore a problem this large, cannot be resolved through a single Act. An effective all round strategy is required to be formulated and struck from all directions. 
	 
	What can the Govt do? 
	 
	One of the biggest factors for creation of black money has always been high rates of taxation. The Finance Minister is his last full-budget made a commitment to bring down the corporate tax rate to 25% over the next four years. A reasonable tax rate can serve as a big incentive for people to pay tax and, thereby automatically curbing black money creation. 
	 
	Further, the government has entered into several bilateral and multi-lateral agreements with several countries for automatic exchange of information about Indian account holders in their banks. As a consequence of these agreements, banks are adopting a cautious approach while opening back accounts of Indian residents. Some are even going to the extent of seeking an undertaking/CA certificate certifying that the money proposed to be deposited is in compliance with Indian laws. 
	 
	Another constructive measure which may act as a deterrent for creation of black money is the requirement of quoting PAN for cash transactions beyond a certain threshold. 
	 
	Apart from the measures being taken by the government, some trends emerging on account of a change in life style of the urban population, such as increased use of plastic money, opening of a large number of payment gateways, internet banking and e-commerce are expected to bring about more transparency in transactions. 
	 
	Further, black money creation and corruption at various levels go hand in hand. One cannot think of curbing black money creation without curbing corruption. Therefore, the government in its effort to control foreign based and domestic black money should take effective punitive action reduce corruption and curb black money creation. 
	 
	Finally, it is only through a combination of events and actions on the part of the government and people at large, can India’s dream of achieving a black money free and prosperous economy. It is a transition in which the gestation period is expected to be very long. 
	 
	The article has been authored by Prashant Kapoor, partner, M&amp;A Tax, and Suvira Agarwal, technical director, KPMG in India. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of the organisation.

Budget 2016: Black money haunts the NaMo Govt

<div class="KonaFilter image-container float_right"><div class="image">AP</div></div><keyword id="103" type="COUNTRY" weightage="60" keywordseo="Switzerland">Switzerland</keyword> - long famous for storing money and not asking any questions - has been beefing up scrutiny on banks enjoying shelter in the Alpine paradise's lax regulatory structure, Businessweek reports.
And foreign private banks in Switzerland are now heading for the exits.
<a href="http://www.businessweek.com/news/2013-06-30/private-banks-leave-switzerland-as-end-of-secrecy-hurts-profits#p1">From Businessweek</a>:
The number of foreign-owned Swiss banks fell to 129 by the end of May from 145 at the start of 2012, according to data from the Association of Foreign Banks in Switzerland. Assets under management slid by a quarter to 870.7 billion Swiss francs ($921 billion) in the five years through 2012 as clients withdrew money or paid taxes on undeclared accounts, the data show.
Switzerland houses 26% of global offshore wealth, or about $2.2 trillion, according to Businessweek. U.S. and EU pressure sparked the new crackdown.
The U.S. has been investigating Swiss banks and units of foreign banks in the country, including that of London-based HSBC, after UBS AG (UBSN) in 2009 avoided prosecution by admitting it fostered tax evasion and delivering data on about 4,700 accounts of Americans. France and Germany have been searching for tax dodgers using data stolen from Swiss banks and also sharing some of the information with authorities in other European countries.
British mortgage giant Lloyds <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">Banking</keyword> sold its international banking business to a Swiss company in May. And sources told Businessweek that more banks are reviewing their presence in Switzerland and weighing if and how to leave.
<a href="http://www.businessweek.com/news/2013-06-30/private-banks-leave-switzerland-as-end-of-secrecy-hurts-profits#p1">Read the full report at Bloomberg Businessweek&gt;</a>

IT'S HAPPENING: Banks Are Ditching Switzerland For Finally Cracking Down On Secrecy

<div class="image-container float_right" style="width:480px"><div class="image">AP</div></div><keyword id="103" type="COUNTRY" weightage="60" keywordseo="Switzerland">Switzerland</keyword> — long famous for storing money and not asking any questions — has been beefing up scrutiny on banks enjoying shelter in the Alpine paradise's lax regulatory structure, Businessweek reports.
And foreign private banks in Switzerland are now heading for the exits.
<a href="http://www.businessweek.com/news/2013-06-30/private-banks-leave-switzerland-as-end-of-secrecy-hurts-profits#p1">From Businessweek</a>:
The number of foreign-owned Swiss banks fell to 129 by the end of May from 145 at the start of 2012, according to data from the Association of Foreign Banks in Switzerland. Assets under management slid by a quarter to 870.7 billion Swiss francs ($921 billion) in the five years through 2012 as clients withdrew money or paid taxes on undeclared accounts, the data show.
Switzerland houses 26% of global offshore wealth, or about $2.2 trillion, according to Businessweek. U.S. and EU pressure sparked the new crackdown.
The U.S. has been investigating Swiss banks and units of foreign banks in the country, including that of London-based HSBC, after UBS AG (UBSN) in 2009 avoided prosecution by admitting it fostered tax evasion and delivering data on about 4,700 accounts of Americans. France and Germany have been searching for tax dodgers using data stolen from Swiss banks and also sharing some of the information with authorities in other European countries.
British mortgage giant Lloyds <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">Banking</keyword> sold its international banking business to a Swiss company in May. And sources told Businessweek that more banks are reviewing their presence in Switzerland and weighing if and how to leave.
<a href="http://www.businessweek.com/news/2013-06-30/private-banks-leave-switzerland-as-end-of-secrecy-hurts-profits#p1">Read the full report at Bloomberg Businessweek&gt;</a>

<div class="image-container float_right" style="width:480px"><div class="image">AP</div></div>KIROV, <keyword id="6358826" type="COUNTRY" weightage="60" keywordseo="Russia">Russia</keyword> (AP) — A Russian court on Friday released opposition leader Alexei Navalny from custody less than 24 hours after he was convicted of embezzlement and sentenced to five years in prison.
The release came after a surprise request by prosecutors, who said that because Navalny is a candidate in this fall's Moscow mayoral race keeping him in custody would deny him his right to seek election.
The release, under the condition that he not travel outside Moscow, will extend until appeals of his conviction are completed.
After the Friday decision, a smiling Navalny emerged from the caged-off defendants' section of the courtroom and thanked supporters who held protest rallies on Thursday after his conviction.
Presentation of the appeal and the decision by the court for the Kirov region took little more than an hour, a sharp contrast to the droning 3 ½-hour verdict reading and sentencing in a lower court the previous day.
Navalny, a popular blogger and corruption-fighting lawyer, rose to prominence among the opposition during a series of massive protests in Moscow against President Vladimir Putin's re-election to a third presidential term in March 2012.
The conviction prompted criticism from the United States and the European Union.
Navalny began his rise to prominence by blogging about his investigations into corruption at state-owned companies where he owned shares, reaching hundreds of thousands of people. He and his team of lawyers and activists have plumbed property registers abroad to identify top officials and lawmakers who own undeclared foreign assets and hold foreign citizenship.
Navalny's blog quickly became an Internet sensation not only because of his exposures but because of its engaging illustrations, funny images and witty catchphrases. It was Navalny who first called the dominant United Russia party "the party of crooks and thieves," a phrase that still dogs Kremlin loyalists.
The opposition leader's investigations targeted a wide circle of Putin loyalists — from members of Parliament to state bankers — threatening to discredit the system of governance he has built.
<div class="nc_footer">
Copyright (2013) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
</div>

Russian Dissident Released From Prison One Day After Being Sentenced To 5 Years

Today’s AM fix was USD 1,663.50, EUR 1,325.18 and GBP 1,053.52 per ounce. Yesterday the London Bullion Market was closed for a national holiday. Friday’s AM fix was USD 1,666.50, EUR 1,329.16 and GBP 1,051.88 per ounce.
Silver is trading at $30.88/oz, €24.70/oz and £19.63/oz. Platinum is trading at $1,531.50/oz, palladium at $641.50/oz and rhodium at $1,025/oz.
<keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">Gold</keyword> fell $5.90 or 0.35% in New York on Friday and closed at $1,663.90. Silver climbed to $31.241 then retreated but finished with a gain of 0.03%.
<a href="http://dzswc0o8s13dx.cloudfront.net/goldcore_bloomberg_chart1_28-08-12.png"> </a>Cross Currency Table – (Bloomberg)
Gold edged off of its 4 month high as some participants may have decided to take profits ahead of the Jackson Hole Symposium on August 31st and September 1st. Market participants expect speeches by Bernanke to offer clues with regard to further QE or what it will in time be known as – counterfeiting.
Russia, Turkey, Ukraine and the Kyrgyz Republic have again expanded their gold reserves.
July saw Russia’s biggest increase since since October and Kazakhstan increased their bullion reserves for a 12th consecutive month.
Russia’s assets rose about 18.6 metric tons to 936.6 tons last month and Kazakhstan’s climbed 1.4 tons to 103 tons, data on the International Monetary Fund’s website showed according to Bloomberg. 
Both countries’ holdings are at the highest level since at least 1993, the data show. 
Turkey, Ukraine and the Kyrgyz Republic expanded bullion reserves in July, while Guatemala and Mexico reduced them marginally, according to the IMF data.
<a href="http://dzswc0o8s13dx.cloudfront.net/goldcore_bloomberg_chart2_28-08-12.png"> </a>IMF World Gold Reserves in Millions Fine Troy Ounces 
Ukraine bought 0.2 ton in July, the Kyrgyz Republic added 0.1 ton and Turkey’s bullion reserves jumped 44.7 tons to 288.9 tons, the data showed. The country’s holdings have increased due to it accepting gold in its reserve requirements from commercial banks. Guatemala cut gold holdings by 0.2 ton and Mexico reduced them by 0.1 ton, the data showed.
Gold now accounts for about 9.2% of Russia’s total reserves and 16% of Kazakhstan’s, according to the World Gold Council. 
<a href="http://dzswc0o8s13dx.cloudfront.net/goldcore_bloomberg_chart4_28-08-12.png"> </a>IMF World Total Reserves Minus Gold in Millions of SDRs 
That compares with more than 70% for the U.S. and Germany, the biggest bullion holders and less than 2% for China.
Central banks have been expanding reserves due to the highest level of monetary and systemic risk in living memory. Many central banks are concerned about the outlook for the dollar, the euro and indeed the pound.
Nations bought 254.2 tons in the first half of 2012 and are likely to add close to 500 tons for the year as a whole, the London-based World Gold Council said earlier this month.
Central banks were net sellers for the best part of 50 years despite the massive increase in the global money supply and indeed of international foreign exchange reserves in that period and especially in recent years (see important charts above).
Therefore, there is a real possibility that the recent shift to becoming net buyers may be a game changer as central banks are now likely to be net buyers for a long number of years to come.
This will provide a fundamental pillar of support under the market.
Their buying is due to significant systemic and monetary risk and the need to prudently diversify their foreign exchange reserves. These risks will not abate for at least a few years.
China is continuing to quietly accumulate their reserves and diversify out of their massive $3.24 trillion of foreign exchange reserves. 
China’s gold reserves remain miniscule as a percent of their overall foreign exchange reserves – less than 2%. In marked contrast to the US, Germany and even France and Italy when gold’s share of national forex reserves is over 70%.
China’s undeclared official gold reserve purchases remains an elephant in the room in the gold market with very little coverage of or analysis of the People’s Bank of China’s quiet and untransparent accumulation of gold. 
In the coming months, one can expect that China will announce that they have doubled their gold reserves to over 2,000 tonnes. This announcement may again shock the market and drive prices higher as did their announcement in April 2009 which surprised those less informed about the gold market.
The People’s Bank of China will not telegraph its intentions or purchases to the market as doing so would lead to a surging gold price and to a further devaluation of its foreign exchange reserves.
China is trying to position the yuan or renminbi as an alternative global reserve currency and large gold reserves are essential if this is to be achieved.

You Searched For "undeclared foreign assets" and got 9 results

You won’t believe the kind of people who just declared their black money. And, they’re not businessmen or million dollar firms

BI India Bureau

Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

Prabhjote Gill

Shedding ‘Indian resident’ tag won’t help you in tax evasion anymore

BI India Bureau

Govt preparing a no-harassment cell for people paying up ‘black money’

BI India Bureau

Budget 2016: Black money haunts the NaMo Govt

Guest Author

IT'S HAPPENING: Banks Are Ditching Switzerland For Finally Cracking Down On Secrecy

Steven Perlberg

IT'S HAPPENING: Banks Are Ditching Switzerland For Finally Cracking Down On Secrecy

Steven Perlberg

Russian Dissident Released From Prison One Day After Being Sentenced To 5 Years

Nataliya Vasilyeva, AP

China Could Soon Announce That Their Gold Reserves Have Doubled

Goldcore Bullion and Wealth M…

Popular Keywords

Buying Guides