Financial Intelligence Unit

Govt to soon come out with definition for shell companies, says union minister P P Chaudhary

Generally, shell companies exist only on paper and are often used by fraudsters for carrying out their illegal activities

Banks received alarming amount of fake currency post demonetisation; detected 480% jump in suspicious transactions

Banks received a record amount of fake currency and detected an over 480 percent surge in suspicious transactions post demonetisation.

PNB scam: ED seeks Financial Intelligence Unit's help to probe dubious transactions by Nirav Modi, Mehul Choksi

According to top sources, the Enforcement Directorate has sought Suspicious Transaction Reports related to companies owned by Nirav Modi and Mehul Choksi as well as individual transactions of people associated with swindlers including Neeshal Modi, Ami Modi, Hemant Dahyalal Bhat, Aniyth Shivraman Nair and Dinesh Gopaldas Bhatia.

Supreme Court rules out setting up separate SIT to probe Indians in the Panama papers leak matter

The Supreme Court ruled out setting up of a separate Special Investigation Team (SIT) to probe the alleged revelation of offshore accounts of Indians in Panama papers leak

Panama Papers: Multi-agency team to conduct probe under stringent anti-black money law

The new law, under which the Panama Papers probe will be conducted, imposes a steep 120 percent of tax and penalty, and a jail term of up to 10 years.

Curb betting in cricket and check donations: SIT on black money

The SIT suggested steps to crackdown on shell companies which are set up by entities to evade taxes and result in generation of black money.

Bhushan Steel promoters among 260 Sebi-barred entities

Those barred by Sebi include the company chairman Brij Bhushan Singal, his son and manging director Neeraj Singal, as also their respective spouses Uma Singal and Ritu Singal.

Sebi asks entities to submit suspicious transaction reports

Market regulator Sebi has asked all the entities under its jurisdiction to submit suspicious transaction reports (STRs) electronically through a new direct online gateway to the Financial Intelligence Unit (FIU).

Sebi suspects money laundering, tax evasion: Bars 260 entities

While Sebi would further probe these cases, it has also decided to refer the matter to the Income Tax Department, Enforcement Directorate, Financial Intelligence Unit, among other agencies, for necessary actions on their part.

High spenders: 40.72 lakh under tax scanner

The I-T department, sources said, has also send notices for non-filing of taxes to close to 12 lakh people and entities even as many more such notices are in the offing.