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

03 Dec

Land degradation is threatening Earth’s capacity to sustain humanity

'Land degradation is undermining Earth’s capacity to sustain humanity, and failure to reverse it will pose challenges for generations to come, a new United Nations report fou

Read More

03 Dec

UK’s assisted dying bill

'The Terminally Ill Adults (End of Life) Bill would give terminally ill adults with less than six months to live the right to die once the request has been signed off by two doctor

Read More

03 Dec

Oilfields Bill

'Union minister for petroleum and natural gas Hardeep Singh Puri tabled a bill aimed at promoting ease of doing business in the oil and gas sector along with supporting India's ene

Read More

India’s First Ai-Driven Magazine Generator

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