Sign In
Learn bits
National Importance
Mahesh

29/07/22 13:31 PM IST

Multi-Agency Group for investigation of Foreign Asset Cases (MAGIFAC)

In News 
  • Indian Government has set up a “Multi-Agency Group for investigation of Foreign Asset Cases”. The Group comprises of representatives from various enforcement Agencies and Organizations. 
MAGIFAC
  • It will involve in the investigation of various categories of foreign asset cases such as Paradise paper leaks, Panama paper leaks, and Pandora paper leaks.
  • No official estimate has been there with the government, regarding the money deposited by Indian citizens and companies in Swiss banks.
  • As per media reports, Indian funds in Swiss Banks have increased in 2021, against the 2020.
  • These deposits do not indicate the quantum of black money, which is held by Indians in the Swiss Bank.
  • In the recent times, Government of India has taken several proactive measures to tax the undisclosed foreign assets and income;
  • In HSBC Case, government has brought over 8468 crore rupees to tax. It has also imposed penalty of over 1294 crore rupees.
  • Assessments has been completed in 368 cases, in accordance with Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This accounted for tax demand of more than 14,820 crore rupees.
Source- Indian Express 

More Related Current Affairs View All

08 Jan

Airline pilots’ body calls attention to lithium battery fire risk

'Recently, the International Federation of Air Line Pilots’ Associations (IFALPA) issued three position papers on the fire risk due to the use of lithium-ion batteries in air

Read More

08 Jan

V. Narayanan, who is set to take over as ISRO Chairman

'V. Narayanan, a noted rocket and spacecraft propulsion expert, is set to succeed S. Somanath as the next Chairman of Indian Space Research Organisation (ISRO).' Dr. Narayanan

Read More

08 Jan

Rat-hole mining

'Several workers have been trapped for more than 12 hours in a coal “rat-hole” mine after it was flooded with water  in Dima Hasao district of Assam.' The rescu

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps