Top merchants in Mumbai confirmed that diamond market is stunned by the revelation
Distinguished lawyer Anil Divan who is arguing the case related to black money stashed overseas discusses the legal details of the case and is optimistic that the illicit wealth can be brought back to India.
Roberto Firmino's goal gave Brazil a 1-0 victory over Chile in a feisty friendly at the Emirates Stadium in London on Sunday, their eighth successive win since last year's disappointing World Cup campaign.
Juan Mata scored on his Chelsea debut in a 3-1 home win over promoted Norwich City while Jordan Henderson and Charlie Adam netted their first Liverpool goals in another 3-1 triumph over Bolton Wanderers on Saturday.
David Villa equalled Raul's Spain scoring record of 44 but the world and European champions had to withstand a Scotland fightback before Fernando Llorente's late goal secured a 3-2 win in a Euro 2012 qualifier on Tuesday.
European heavyweights France, England and Italy get the chance to put their disappointing World Cups behind them on Friday as they kick off their Euro 2012 qualifying campaigns on a night for fresh starts.
However, the exact number of persons contained in the list and the illegal money in the accounts of German banks could not be ascertained immediately.
Says it is worried a general pardon will send wrong signal
Gowadia (66) has pleaded not guilty to 21 counts, including conspiracy, violating the arms export control act and money laundering.The indictment accuses Gowadia of helping China design a cruise missile with stealth capabilities.
As the debate on revealing names of those who had stashed money abroad was hotting up, a Parliamentary panel grilled finance ministry officials on why the confidentiality clause was put in tax treaties in the first place.
The German government will buy stolen data of about 1,500 German tax offenders holding secret bank accounts in Switzerland offered by an informer for Euro 2.5 million on lines of a similar deal two years back for account information from Liechtenstein.
Advocate Prashant Bhushan, who is one of the petitioners in the black money case, makes a case for the revelation of all the names of account holders that the government has submitted to the Supreme Court.
'The difference between black money in India and the black money out of India is, in India, it is tax evaded money and Indian money outside India is not only tax evaded money, but money which has been taken out of India's capital resources needed for India. So it is not only tax evasion, but treason too.'
Per capita gross domestic product is an approximation of the value of goods produced per person in the country, equal to the country's GDP divided by the total number of people in the country.
Holders Spain suffered their first defeat in qualifying for a major tournament in eight years when Miroslav Stoch nodded a late goal to earn Slovakia a shock 2-1 victory in Euro 2016 Group C on Thursday.
World champions Spain and Italy completed the formalities of qualification for Euro 2012 on Tuesday, Netherlands are as good as through and England are in a commanding position to secure a place in next year's finals.
Dani Alves has blamed the media for Brazil's unsuccessful World Cup campaign but conceded that the team did not prepare properly ahead of the humiliating 7-1 defeat by Germany in the semi-final.
The Swiss banks' proposal to levy a withholding tax on the income generated from assets of Indian nationals and held in Swiss banks, is not worth treating seriously.
Carlos Tevez laid on two goals and scored a third as Argentina beat world champions Spain 4-1 in a friendly at the Monumental on Tuesday.
Eminent jurist Ram Jethmalani and others, who have alleged government inaction in bringing back black money stashed in foreign banks, on Friday told the Supreme Court that the Centre was withholding vital documents relating to the case.
A tax haven, or a place in which certain taxes are imposed either at a low rate or not at all, is the best possible way out for those interested in reducing their tax liabilities.
OECD has identified at least four tax jurisdictions -- Jamaica, Qatar, Botswana and Ghana - whose tax information system would be studied to find out if they are emerging as the new tax havens following the crackdown on the existing ones. A unique tax identification number would be akin to a global permanent account number for Indian taxpayers which could remain the same across jurisdictions.
While admitting India's persistent stand on the issue might delay the agreement, a top commerce ministry official said the talks were on track. "We will maintain a hardline stand," said the official. It is to be noted, the sixth round of EU-India trade negotiation in Delhi in March ended without any substantial progress because of the tariff-related issues. The EU is India's largest trading partner and the total bilateral trade stood at over $70 billion in 2008-09.
The Swiss authorities have never considered tax evasion a reason for breaking banking secrecy on an account; what they have acknowledged now is that they will cooperate in cases of tax fraud, which has a tighter definition.
Prime Minister Manmohan Singh said India is in favour of sharing tax information and monitoring tax havens more closely.
Spain, who won Euro 2008 with a series of superb performances culminating in their victory over Germany in the final, are ranked number one in the world and were grouped with Czech Republic, Scotland, Lithuania and Liechtenstein.
Did an Indian agency place a 'mole' within the Tatra subsidiary in Britain? Did powerful forces in India snuff out a life before anything emerged?T V R Shenoy asks some uncomfortable questions about the Tatra case.
Goals from strikers Roman Pavlyuchenko and Pavel Pogrebnyak gave Russia a 2-1 win over Wales in their World Cup Group Four qualifier on Wednesday.
Michael Ballack will miss Germany's World Cup qualifiers against Liechtenstein and Finland through injury.
France received chilling notice that the road to post-World Cup redemption will be long and hard when they lost 1-0 to Belarus in Paris on Friday, while Portugal threw away two points in a frantic 4-4 draw at home to Cyprus. England and Italy were able to start repairing their reputations with contrasting wins in their first Euro 2012 qualifiers and Spain swatted away Liechtenstein 4-0 with an ease befitting their status as world and European champions.
Switzerland midfielder Tranquillo Barnetta has declared himself fit for Saturday's Euro 2008 opener against Czech Republic after returning to full training with the squad.
Patrick Mueller's decision to leave Olympique Lyon without permission to play for his national team last week was rewarded on Wednesday with a place in Switzerland's 23-man squad for Euro 2008.
"Negotiations on the FTA will be commencing shortly. We believe that we will be able to conclude the EFTA trade agreement within one year," Commerce and Industry Minister Kamal Nath told reporters in New Delhi after meeting Swiss Federal Counsellor Doris Leuthard. EFTA states include Iceland, Liechtenstein, Norway and Switzerland. It is an inter-governmental organisation to promote free trade and economic integration between the four nations.
UEFA's executive committee will discuss the precise definition of own goals on Friday in an issue of huge importance to Europe's top strikers and defenders. European soccer's governing body is keen to end confusion over whether a goal should be credited to an attacking player, even when it has been diverted into the net by a member of the defending team.
India is the latest of several nations to raise the alarm about illicit capital flight. Following high-profile scandals involving Liechtenstein and Switzerland, the Group of 20 nations has demanded greater co-operation in tackling the shadow financial system.
European champions Spain continued to set the standard on Saturday when they along with Italy, Germany and the Netherlands took a significant stride towards next year's World Cup finals. Spain, FIFA's top-ranked team, beat Turkey 1-0 in Madrid to stretch their unbeaten run to 30 matches and make it 15 points out of 15 in Group Five before they travel to Istanbul for the return fixture on Wednesday.
Despite the assurances of UK Chancellor Alistair Darling that 'markets could have confidence that countries will do whatever it takes, for as long as it takes, to tackle the global slowdown', there is still no agreement on how long the recession will last and whether it will turn into the classic deflation with its attendant massive social unrest.
Cristiano Ronaldo saved Portugal from an embarrassing defeat in Armenia on Wednesday while Belgium dented Serbia's hopes of reaching Euro 2008 with a 3-2 qualifying win.
European countries begin their campaigns to reach the 2010 World Cup finals in South Africa on Saturday.
Menace of unaccounted money has been well documented and understood by governments of the world.
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