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Indian Express
4 hours ago
- Business
- Indian Express
Recovery amount at Rs 338 crore: Govt raised tax demand of Rs 35,104 crore under foreign black money law over last 10 years
The government has raised tax demand of Rs 35,104 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 over the last decade, Minister of State for Finance Pankaj Chaudhary said in Rajya Sabha on Tuesday. However, recovery amount in the form of tax, penalty and interest demand under the Act has been much lower at Rs 338 crore during July 1, 2015 to March 31, 2025 along with 163 prosecution complaints filed till March 31, 2025, data shared in the Upper House showed. In a written response to a question by CPI(M) MP John Brittas, wherein he asked about details of international deposits, Chaudhary said tax demand of Rs 21,719 crore has been created as a result of completed assessments under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 during July 1, 2015 to March 31, 2025. In addition, tax demand of Rs 13,385 crore has been raised till March 31, 2025 on account of penalties imposed under various sections of the Act. On the question of whether Indian-linked funds in Swiss banks surged more than three times the previous year's amount, Chaudhary said there are some media reports based on Swiss National Bank (SNB) statistics which mention that Indian linked funds in Swiss banks have risen in 2024 as compared to previous year's amount. However, Chaudhary, pointed out that as per Swiss authorities, the data in respect of SNB statistics includes, inter alia, amounts due in respect of customer deposits (including in foreign branches of Swiss Banks located in any country), other liabilities as well as amounts due to banks. 'The Swiss authorities have also clarified that the SNB annual banking statistics should not be used for analysing deposits held by residents of India in Switzerland,' he said. Indian money in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (CHF), or approximately Rs 37,600 crore on the back of a huge jump in funds held through local branches and other financial institutions, news agency PTI had reported last month. On the query to provide details of outstanding tax demand raised from the data shared with India via Automatic Exchange of Information under India-Switzerland tax agreement, the Minister said there is no centralised data for the specific query on country-wise undisclosed foreign income and the action taken. 'Tax demand arising in cases of undisclosed foreign income or assets can pertain to multiple jurisdictions. Country-wise bifurcation of such demand is not maintained centrally,' Chaudhary said. For details and status of enquiries conducted regarding Swiss holdings, the Minister said such enquiries are conducted on a case-by-case basis by the jurisdictional authorities. 'Whenever any instance of tax evasion is detected, appropriate action under Direct Tax Laws, including searches, surveys, enquiries, assessment of income, levy of taxes, penalties, as well as filing of prosecution complaints in criminal courts, as may be applicable, is taken,' he said. Replying to the question about the steps taken to recover unpaid taxes, penalties, or interest by Indian citizens or entities holding Swiss deposits, Chaudhary said the Income Tax Department has established a mechanism for recovery of demand that consists of outstanding tax, penalty and interest as per the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which apply to cases of undisclosed foreign income and assets in any country abroad. Such taxes, penalties and interest form part of the total tax liability of each assessee and is recovered in accordance with law, he said. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Yahoo
5 days ago
- Business
- Yahoo
Big central bank rate cuts slow with tariffs and politics in headlights
By Naomi Rovnick and Alun John LONDON (Reuters) -The pace of central bank rate cuts is slowing as early movers near the end of their easing cycles while sticky inflation keeps others cautious. Politics both domestic and international is another complication for central bankers, particularly in the United States, where President Donald Trump continues to muse publicly about firing Federal Reserve chair Jerome Powell. Here's where 10 big central banks stand on the monetary policy path. 1/ SWITZERLAND Bets that the Swiss National Bank will use negative interest rates to tackle the seemingly unstoppable rise of the safe haven franc have faded after it kept benchmark borrowing costs on hold at 0% in June. Traders have since put 75% odds on another pause in September and speculate the SNB has started intervening to weaken the franc. 2/ CANADA The Bank of Canada is widely expected to hold steady for now as U.S. tariff tensions contribute to a baffling economic outlook, with growth contracting as inflation rises and trade war disruptions to consumer behaviour muddle the outlook further. Money markets expect that the formerly dovish central bank, which implemented 225 basis points (bps) of cuts in the nine months to April, will keep rates at 2.75% on July 30. 3/ SWEDEN Sweden's central bank cut its key rate to 2% from 2.25% last month, and minutes from that meeting said policy could be eased again this year if growth disappoints and inflation remains tame. The Riksbank has been one of the more aggressive central banks, with 200 bps of cuts since May 2024. 4/ NEW ZEALAND The Reserve Bank of New Zealand held rates steady earlier this month but said it expected to loosen monetary policy if price pressures continued to ease as forecast. The RBNZ has cut rates by 225 bps already this cycle. 5/ EURO ZONE The European Central Bank left interest rates unchanged on Thursday after cutting eight times in a year, biding its time while Brussels and Washington negotiate over trade. Its main policy rate is currently at 2% down from 4% a year ago, and inflation is back at the ECB's 2% goal. Markets see around an 80% chance of a final 25 bp cut by year end but that depends on whether policymakers fear inflation might fall too far below target. That in turn depends on a trade deal and whether the euro continues to appreciate. 6/ UNITED STATES The Fed meets next week, with markets all but certain it will remain on hold despite heavy pressure from Trump to make significant rate cuts. Trump appeared close to trying to fire Powell last week, but backed off with a nod to the market disruption that would likely follow. Further rate cuts are anticipated later this year and investors see roughly a 50% chance of a 25 bps reduction in September. A move then had been seen as likely until last week's data showed inflation rose to 2.7% year-on-year in June. 7/ BRITAIN The Bank of England meets on Aug 7. Markets expect a 25 bps rate cut even after data last week showed a surprise jump in inflation and a less-dramatic-than-feared cooling in the labour market. Sticky inflation means the Bank of England has been more cautious than most with easing. Markets price two, 25 bps rate cuts by year-end -- including an August move. 8/ AUSTRALIA The Reserve Bank of Australia is cautious too and surprised markets earlier this month by holding rates steady at 3.85%, saying it wanted to wait to confirm inflation will continue to slow. It was a rare split decision, but Governor Michele Bullock said the disagreement was more about timing and, if inflation continues to slow, the bank remains on an easing path. At least two more 25 bps cuts are priced by year end. 9/ NORWAY Norway's central bank cut rates by 25 bps to 4.25% last month, its first reduction since 2020. The Norges Bank has been the most cautious among developed market central banks, and data this month showing core inflation at 3.1% reinforced this stance. Only one more cut this year is fully priced. 10/ JAPAN The Bank of Japan, the sole central bank in hiking mode, has had its task complicated by uncertainty around U.S. tariffs and Japanese politics. Prime Minister Shigeru Ishiba has denied media reports he decided to quit. However, after Japan and the U.S. struck a trade deal this week, BOJ governor, Shinichi Uchida, signalled conditions for resuming hikes may start to fall into place. Uchida said the deal had reduced uncertainty and increased the likelihood Japan will sustainably hit its 2% inflation goal - a requirement for further rate increases some policymakers say. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 days ago
- Business
- Reuters
Big central bank rate cuts slow with tariffs and politics in headlights
LONDON, July 24 (Reuters) - The pace of central bank rate cuts is slowing as early movers near the end of their easing cycles while sticky inflation keeps others cautious. Politics both domestic and international is another complication for central bankers, particularly in the United States, where President Donald Trump continues to muse publicly about firing Federal Reserve chair Jerome Powell. Here's where 10 big central banks stand on the monetary policy path. Bets that the Swiss National Bank will use negative interest rates to tackle the seemingly unstoppable rise of the safe haven franc have faded after it kept benchmark borrowing costs on hold at 0% in June. Traders have since put 75% odds on another pause in September and speculate the SNB has started intervening to weaken the franc. The Bank of Canada is widely expected to hold steady for now as U.S. tariff tensions contribute to a baffling economic outlook, with growth contracting as inflation rises and trade war disruptions to consumer behaviour muddle the outlook further. Money markets expect that the formerly dovish central bank, which implemented 225 basis points (bps) of cuts in the nine months to April, will keep rates at 2.75% on July 30. Sweden's central bank cut its key rate to 2% from 2.25% last month, and minutes from that meeting said policy could be eased again this year if growth disappoints and inflation remains tame. The Riksbank has been one of the more aggressive central banks, with 200 bps of cuts since May 2024. The Reserve Bank of New Zealand held rates steady earlier this month but said it expected to loosen monetary policy if price pressures continued to ease as forecast. The RBNZ has cut rates by 225 bps already this cycle. The European Central Bank left interest rates unchanged on Thursday after cutting eight times in a year, biding its time while Brussels and Washington negotiate over trade. Its main policy rate is currently at 2% down from 4% a year ago, and inflation is back at the ECB's 2% goal. Markets see around an 80% chance of a final 25 bp cut by year end but that depends on whether policymakers fear inflation might fall too far below target. That in turn depends on a trade deal and whether the euro continues to appreciate. The Fed meets next week, with markets all but certain it will remain on hold despite heavy pressure from Trump to make significant rate cuts. Trump appeared close to trying to fire Powell last week, but backed off with a nod to the market disruption that would likely follow. Further rate cuts are anticipated later this year and investors see roughly a 50% chance of a 25 bps reduction in September. A move then had been seen as likely until last week's data showed inflation rose to 2.7% year-on-year in June. The Bank of England meets on Aug 7. Markets expect a 25 bps rate cut even after data last week showed a surprise jump in inflation and a less-dramatic-than-feared cooling in the labour market. Sticky inflation means the Bank of England has been more cautious than most with easing. Markets price two, 25 bps rate cuts by year-end -- including an August move. The Reserve Bank of Australia is cautious too and surprised markets earlier this month by holding rates steady at 3.85%, saying it wanted to wait to confirm inflation will continue to slow. It was a rare split decision, but Governor Michele Bullock said the disagreement was more about timing and, if inflation continues to slow, the bank remains on an easing path. At least two more 25 bps cuts are priced by year end. Norway's central bank cut rates by 25 bps to 4.25% last month, its first reduction since 2020. The Norges Bank has been the most cautious among developed market central banks, and data this month showing core inflation at 3.1% reinforced this stance. Only one more cut this year is fully priced. The Bank of Japan, the sole central bank in hiking mode, has had its task complicated by uncertainty around U.S. tariffs and Japanese politics. Prime Minister Shigeru Ishiba has denied media reports he decided to quit. However, after Japan and the U.S. struck a trade deal this week, BOJ governor, Shinichi Uchida, signalled conditions for resuming hikes may start to fall into place. Uchida said the deal had reduced uncertainty and increased the likelihood Japan will sustainably hit its 2% inflation goal - a requirement for further rate increases some policymakers say.
Yahoo
5 days ago
- Business
- Yahoo
Big central bank rate cuts slow with tariffs and politics in headlights
By Naomi Rovnick and Alun John LONDON (Reuters) -The pace of central bank rate cuts is slowing as early movers near the end of their easing cycles while sticky inflation keeps others cautious. Politics both domestic and international is another complication for central bankers, particularly in the United States, where President Donald Trump continues to muse publicly about firing Federal Reserve chair Jerome Powell. Here's where 10 big central banks stand on the monetary policy path. 1/ SWITZERLAND Bets that the Swiss National Bank will use negative interest rates to tackle the seemingly unstoppable rise of the safe haven franc have faded after it kept benchmark borrowing costs on hold at 0% in June. Traders have since put 75% odds on another pause in September and speculate the SNB has started intervening to weaken the franc. 2/ CANADA The Bank of Canada is widely expected to hold steady for now as U.S. tariff tensions contribute to a baffling economic outlook, with growth contracting as inflation rises and trade war disruptions to consumer behaviour muddle the outlook further. Money markets expect that the formerly dovish central bank, which implemented 225 basis points (bps) of cuts in the nine months to April, will keep rates at 2.75% on July 30. 3/ SWEDEN Sweden's central bank cut its key rate to 2% from 2.25% last month, and minutes from that meeting said policy could be eased again this year if growth disappoints and inflation remains tame. The Riksbank has been one of the more aggressive central banks, with 200 bps of cuts since May 2024. 4/ NEW ZEALAND The Reserve Bank of New Zealand held rates steady earlier this month but said it expected to loosen monetary policy if price pressures continued to ease as forecast. The RBNZ has cut rates by 225 bps already this cycle. 5/ EURO ZONE The European Central Bank left interest rates unchanged on Thursday after cutting eight times in a year, biding its time while Brussels and Washington negotiate over trade. Its main policy rate is currently at 2% down from 4% a year ago, and inflation is back at the ECB's 2% goal. Markets see around an 80% chance of a final 25 bp cut by year end but that depends on whether policymakers fear inflation might fall too far below target. That in turn depends on a trade deal and whether the euro continues to appreciate. 6/ UNITED STATES The Fed meets next week, with markets all but certain it will remain on hold despite heavy pressure from Trump to make significant rate cuts. Trump appeared close to trying to fire Powell last week, but backed off with a nod to the market disruption that would likely follow. Further rate cuts are anticipated later this year and investors see roughly a 50% chance of a 25 bps reduction in September. A move then had been seen as likely until last week's data showed inflation rose to 2.7% year-on-year in June. 7/ BRITAIN The Bank of England meets on Aug 7. Markets expect a 25 bps rate cut even after data last week showed a surprise jump in inflation and a less-dramatic-than-feared cooling in the labour market. Sticky inflation means the Bank of England has been more cautious than most with easing. Markets price two, 25 bps rate cuts by year-end -- including an August move. 8/ AUSTRALIA The Reserve Bank of Australia is cautious too and surprised markets earlier this month by holding rates steady at 3.85%, saying it wanted to wait to confirm inflation will continue to slow. It was a rare split decision, but Governor Michele Bullock said the disagreement was more about timing and, if inflation continues to slow, the bank remains on an easing path. At least two more 25 bps cuts are priced by year end. 9/ NORWAY Norway's central bank cut rates by 25 bps to 4.25% last month, its first reduction since 2020. The Norges Bank has been the most cautious among developed market central banks, and data this month showing core inflation at 3.1% reinforced this stance. Only one more cut this year is fully priced. 10/ JAPAN The Bank of Japan, the sole central bank in hiking mode, has had its task complicated by uncertainty around U.S. tariffs and Japanese politics. Prime Minister Shigeru Ishiba has denied media reports he decided to quit. However, after Japan and the U.S. struck a trade deal this week, BOJ governor, Shinichi Uchida, signalled conditions for resuming hikes may start to fall into place. Uchida said the deal had reduced uncertainty and increased the likelihood Japan will sustainably hit its 2% inflation goal - a requirement for further rate increases some policymakers say.
Argaam
6 days ago
- Business
- Argaam
Qomel renews SAR 52M credit facility with SNB
Qomel Co. renewed a SAR 52 million Shariah-compliant credit facility with Saudi National Bank (SNB), the company said in a statement to Tadawul. The one-year financing facility was secured on July 23 and will be used to finance various projects. The facility is backed by a promissory note and project revenue assignment. There are no related parties to the contract, the statement added.
