The income-tax authorities may soon get sweeping powers to investigate and prosecute those suspected of hawala transactions, creating a strong deterrent for the channel used extensively for money laundering. The proposed changes are likely to be included in the direct taxes code and could shift the burden of proof on the accused, said an income tax department official.
A meeting of the Core Group constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with the International financial Reporting Standards (IFRSs) from the year 2011 was held on 11th January, 2010 and on 29th March, 2010 under the chairmanship of Shri R. Bandyopadhyay, Secretary , Ministry of Corporate Affairs. These meetings were attended by the officials from Ministry of Finance, SEBI, RBI, IRDA C&AG, PFRDA, ICAI, Industry Representatives and other experts.
The Institute of Chartered Accountants of India (ICAI) here today organized a Press Conference at ICAI Bhawan. It was addressed by Mr Robert Bunting, President, International Federation of Accountants (IFAC),Mr Ian Ball, Chief Executive Officer, IFAC and Mr Matthew Bohun, Technical Manager, Governance and Operations.
