December 17, 2014 Leave a comment
October 27, 2014 Leave a comment
In the midst of all the noise and breast-beating about black money, here are the facts:
It is not a crime to hold a bank account outside India.Mere holding of an account outside India does not mean that the amount is tax evaded or black money.The RBI allows Indians to hold foreign accounts in certain cases:
1.Non-residents who have returned to India after 1-year can maintain accounts that have income earned outside.
2.Individuals can open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the liberalized remittances schemes.
Revealing details of all foreign bank accounts would be a breach of privacy .The information could be misused unscrupulous elements.Most countries provide information about foreign bank accounts only if there is evidence of wrong doing. The government can also make accounts public if it is able to establish tax evasion and launch prosecution as it has done here: Link. Read more of this post
April 2, 2013 Leave a comment
Normally I ignore anything to do with the IAC, AAP and Arvind Kejriwal but comments on the YouTube CobraPost Videos drawing parallels with HSBC got me googling to see what all the noise was about.
Following are the statements of three people who had opened accounts in Dubai, Zurich and Geneva with HSBC Bank,given when they were questioned under Section 132 (4)/133A of the Income Tax Act, 1961: Read more of this post
April 1, 2013 Leave a comment
It took me a while to watch this series of videos from Aniruddha Bahal. If you are inclined to watch them,the links to the public videos are available below. But be warned that they get repetitive after a while.
So what do you think?Have you similar experience either as a customer,financial intermediary or banker? Read more of this post