Indian Indices Marginally Down

Mon, 27 Jun 11:30 am

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After opening the day on a flat note, the Indian indices witnessed choppy trades and continued to trade near the dotted line. Sectoral indices are trading on a mixed note with stocks from the software and telecom leading the losses. Realty and oil & gas stocks are witnessing buying interest.

The BSE Sensex is trading down 24 points (down 0.1%), while the NSE Nifty is trading flat. The BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 1.3%. The rupee is trading at 67.89 to the US$.

As per an article in the Times of India, the Income Tax (IT) authorities have unearthed undisclosed income of Rs 130 billion in overseas bank accounts. Moreover, this colossal amount is collected from just two sets of information received in 2011 and 2013.

Reportedly, in at least 400 cases of Indians with deposits in HSBC, Geneva, the Income Tax authorities have unearthed undisclosed income of Rs 81.8 billion. The details of these deposits were received in 2011 which marks the highest disclosure ever from offshore bank accounts. The authorities have raised tax demand of about Rs 53.7 billion against such account holders.

Further, in another set of information disclosed in 2013, the officials have detected undisclosed income of Rs 50 billion in foreign bank accounts allegedly linked to 700 Indians.

Until now, the Income Tax department has filed 55 prosecution complaints before criminal courts in the International Consortium of Investigative Journalists (ICIJ) cases on charges of wilful attempt to evade tax.

The above development marks a success in bringing back the black money stashed overseas and bring them under the tax regime in India. Earlier this month, India and Switzerland agreed to move towards an early agreement for the implementation of automatic exchange of information (AEOI) between the two countries in order to keep a tab on the flow of black money stashed in offshore accounts.

Black money forms a major part of the Indian economy. The finance ministry recently stated that the government has taken sustained steps for curbing black money which includes enactment of a new Black Money Act with strict penalty provisions and new income disclosure scheme formulated for domestic black money.

Black money is money which has been earned, but on which tax has not been paid. Vivek Kaul, editor of Vivek Kaul's Diary, offered some interesting data that shows India's love for black money. In an article on this topic, he has shared some insights on what car sales tell us about black money.

Moving on to the news from currency markets... China weakened the yuan's by almost 1% against the dollar today. This is marked as the biggest downward since August and marks yuan's fixing to a five-and-a-half-year low against the dollar.

The People's Bank of China (PBoC) set the value of yuan at 6.6375 to the dollar. This was down 0.91% from Friday's fixing.

The development was seen as greenback surged last week after Britain voted to leave the European Union (EU).

To keep a regular tab on the movements in the yen and other currencies, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.

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