New Delhi: Information received on Swiss bank accounts by the income tax (I- T) authorities so far has yielded big names but the amount of money stashed in most of these accounts has turned out to be in the relatively modest range of Rs 5 crore to Rs 10 crore. According to official sources, the money has been used mainly to finance foreign trips of the account holders and their families.
"Since the country's rules are very stringent and allow only a limited amount of foreign exchange to be taken out of the country, these individuals have deposited extra money in foreign accounts so that they can use it when they are on business trips or holidaying abroad," a senior official in the know of the matter told
Mail Today
.
"The amount of the money in these accounts is quite modest. Searches and raids by the income tax authorities unearth far more money and assets than has been found in these Swiss accounts," another official said.
Some "big names" figure on the list but officials refused to disclose the identity of the account holders as they are not authorised.
The government appears to be veering around to the view that while tax, interest and penalty should be imposed on the funds, there is no need to go as far as launching prosecution proceedings in the matter.
According to reliable sources, top officials of the Central Board of Direct Taxes and the Enforcement Directorate had recently recommended to the government that those holding unaccounted money abroad should be allowed to bring back their funds with reduced penalties and granted immunity from prosecution. The amnesty scheme has been recommended exclusively for money kept abroad and does not include domestic accounts.
Wales must be allowed to manage its own money - The Guardian
Having just returned from performing at a festival with 50 Welsh artists and musicians, feeling positive and enthused about the future of our country, it was very heartening for me to see the result of the recent ICM survey. It confirmed that two-thirds of Welsh people believe the Welsh government in Cardiff Bay should be able to set its own income tax rate and have the power to borrow money. It stands as a riposte to those who had any lingering doubts about Welsh enthusiasm for devolution, and certainly reflects a burgeoning hunger by the people of Wales for a proper, Scottish-style settlement.
And it is no surprise to me that enthusiasm has grown in the past few years for new powers. In the event that took place in Pontrhydfendigaid, mid-Wales, this weekend, which was specifically held as a celebration of Welsh culture, I was struck by how varied the crowd of supporters were – including people from Poland and England – all with a common cause at heart, regardless of their language or background. Among the many inspiring comments made from the stage, one thing was clear: despite the creativity and originality emanating from the people of Wales, many felt that our government was lagging behind in its vision.
Public services in Wales have been hit hard by the recession, and although people across the UK are complaining of cuts to their frontline services, in Wales, many of those cuts have had serious cultural implications too. England can survive a recession without losing any of its core traditions. In Wales, however, substantial cuts are being made to things like Welsh-language broadcasting which has a vital role to play in reflecting and supporting a minority culture and way of life. Health and education services have suffered too, and there is little wonder, therefore, in face of such powerlessness, that so many people in Wales feel a desire to be able to govern more fully over their own affairs.
What the Silk commission emphasises, once again, is how poor we are as a nation – not only financially, but also politically, and tax-raising and borrowing powers would enable us to mitigate these current swingeing cuts, and improve our frontline services. When you consider the fact that a local community council has the power to raise money from its residents for such essential services as hedge-trimming, pothole-filling, basic maintenance of streetlights and so forth, how absurd is it that the Welsh government cannot ask the same of its residents? Not only are we unable to trim our own hedge, we can't even see beyond it. Those flickering streetlights are keeping us all awake at night. And there are potholes too numerous to mention.
The people of Wales can see that the current position is unsustainable. Is there another country in the world whose government doesn't have the power to borrow money? This must be resolved, for the good of democracy and to enable us to hold our government to account. Unless this happens, the Silk commission will merely have reminded us that you can't make a silk purse out of a sow's ear, and that all our pennies are destined to fall by the wayside.
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Would you lose money replacing your car? - Daily Telegraph
Gap insurance is often sold by the dealer at the time of car purchase and can be expensive, but there are alternatives that can reduce the cost significantly – but make sure you choose the right policy to suit your needs. Warranty Direct, for example, which offers gap insurance for cars up to a maximum value of £50,000, provides three levels of cover.
First, its return-to-value cover is for cars that have not been bought from a dealer within the last three months, and will pay the difference between what the car insurer pays and the value of your car when you took out the gap cover.
Second, there is return-to-invoice cover, which is for cars which have been bought from a dealer within the last three months and will pay, in the event of a write-off, the difference between what the insurer pays and the original invoice price paid for the car.
Both these policies are available for cars that are under seven years old and with less than 80,000 recorded miles on the clock.
Finally, there is vehicle replacement cover, designed for new cars under three months old and with fewer than 500 recorded miles, which will pay the difference between the insurance
payout and the cost of a brand-new car.
Whichever car you drive, and however careful a driver you might be, do not assume that a write-off will never happen to you.
According to the RAC, more than 500,000 vehicles are written off each year, and numerous ‘total loss claims’ are caused by the action of third parties, so it pays to be protected against the risk of financial loss.
Gap Insurance is available from only £130 for a three year policy. To find out more about the available cover, contact Telegraph Gap Insurance, provided by Warranty Direct, on 0800 097 8834 or simpliy visit telegraph.co.uk/gapinsurance
TEXT-Fitch rates FAU Finance Corp revs 'A+' - Reuters
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Europe to remain in limbo for two more months as Germany wrestles over legality of supporting £400billion bailout - Daily Mail
- Concerns it would jeopardise power of parliament
- Ministers fear delaying decision will make crisis worse
- Countries including Portugal and Greece still struggling
By Allan Hall
|
Finance minister Wolfgang Schauble warned the court that waiting too long could cause further turmoil in the financial markets
Europe and the world must remain in limbo for two more months until a crucial ruling on the legality of the euro bailout funds is handed down by Germany's supreme court.
On September 13, the court will decide whether to issue a temporary injunction against laws on the permanent euro rescue fund and fiscal pact or give it the green light.
The delay means another two months of roller-coaster rides on global financial markets as the credit situations of Portugal, Spain and Italy worsen and Greece plunges further into bankruptcy.
The court is hearing a case brought by academics, economists and ordinary people who argue that by signing up to the €500billion (392bn) rescue fund and fiscal pact, Germany will jettison too much sovereignty.
They claim the country risks undermining the power of its parliament to determine what happens with taxpayers' money by enforcing reductions in debt.
If the court rejects the injunction, thereby permitting the German president to sign into law the bills passed by parliament on June 29, they can no longer be revoked.
The European Stability Mechanism fund and the fiscal pact are part of international treaties and once ratified, Germany will be bound by international law to adhere to the legislation.
German finance minister Wolfgang Schuble urged the court last week not to wait too long because a delay in launching the ESM could lead to further turmoil in financial markets.
The ESM was due to have gone into operation on July 1 but cannot start until Germany has ratified it.
He said last week: 'Considerable postponement of the ESM which was foreseen for July this year could cause considerable further uncertainty on markets beyond Germany and a considerable loss of trust in the euro zone’s ability to make necessary decisions in an appropriate time-frame.
The delay means another two months of roller-coaster rides for Europe as the credit situations of Portugal, Spain and Italy worsen and Greece plunges further into bankruptcy
Displeasure: German Chancellor Angela Merkel is also said to be among those annoyed at the lengthy process
'Doubts in the constitutional possibility or the readiness of Germany to stem dangers for the financial stability of the euro zone could lead to the current crisis symptoms being exacerbated considerably.'
Chancellor Angela Merkel is also said to be among those annoyed at the lengthy process.
Germany’s constitutional court was set up after the war as part of an elaborate system of checks and balances to prevent the concentration of power that allowed the Nazis to thrive.
But critics accuse it of wanting to preserve its own powers in the euro showdown with the government.
Legal experts in the country have warned the courts not to delay the ruling and said Europe's failing economy meant politicians were faced with making difficult decisions quickly.
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