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The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.
The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.
These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.
India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.
Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.
Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.
Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?
1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.
2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.
3. Black money may cause destabilisation and also affect the prevailing economy.
4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.
Select the appropriate options from above:
  • a)
    2, 3 and 4
  • b)
    1, 3 and 4
  • c)
    All of the Above
  • d)
    None of the above.
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
The Government has enacted a comprehensive and a more stringent new l...
Correct Answer is (a)
Statement 2, 3 and 4 can be considered as causes/ effects of rising black money and money laundering.
Option (a) is the most appropriate choice consistent with reasoning of the author.
Incorrect Answers
None of the other options sets out views that are consistent with those of the author in the passage above. Statement 2, 3 and 4 have used the word "may" demonstrating probabilities as to the cause/ effect of black money and money laundering.
Statement is in absolutist term passing on the judgment with certainty which is not supported by the passage and reasoning of author. Therefore, such absolutist statements.
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The Writ Jurisdiction of Supreme Court can be invoked under Article 32 of the Constitution for the violation of fundamental rights guaranteed under Part – III of the Constitution. Any provision in any Constitution for Fundamental Rights is meaningless unless there are adequate safeguards to ensure enforcement of such provisions. Since the reality of such rights is tested only through the judiciary, the safeguards assume even more importance. In addition, enforcement also depends upon the degree of independence of the Judiciary and the availability of relevant instruments with the executive authority. Indian Constitution, like most of Western Constitutions, lays down certain provisions to ensure the enforcement of Fundamental Rights.However, Article 32 is referred to as the “Constitutional Remedy” for enforcement of Fundamental Rights. This provision itself has been included in the Fundamental Rights and hence it cannot be denied to any person. Dr. B. R. Ambedkar described Article 32 as the most important one, without which the Constitution would be reduced to nullity. It is also referred to as the heart and soul of the Constitution. By including Article 32 in the Fundamental Rights, the Supreme Court has been made the protector and guarantor of these Rights. An application made under Article 32 of the Constitution before the Supreme Court, cannot be refused on technical grounds. In addition to the prescribed five types of writs, the Supreme Court may pass any other appropriate order. Moreover, only the questions pertaining to the Fundamental Rights can be determined in proceedings against Article 32. Under Article 32, the Supreme Court may issue a Writ against any person or government within the territory of India. Where the infringement of a Fundamental Right has been established, the Supreme Court cannot refuse relief on the ground that the aggrieved person may have remedy before some other court or under the ordinary law.The relief can also not be denied on the ground that the disputed facts have to be investigated or some evidence has to be collected. Even if an aggrieved person has not asked for a particular Writ, the Supreme Court, after considering the facts and circumstances, may grant the appropriate Writ and may even modify it to suit the exigencies of the case. Normally, only the aggrieved person is allowed to move the Court. But it has been held by the Supreme Court that in social or public interest matters, any one may move the Court. A Public Interest Litigation can be filed before the Supreme Court under Article 32 of the Constitution or before the High Court of a State under Article 226 of the Constitution under their respective Writ Jurisdictions.Q. All of the following can be inferred from the passage except

The Writ Jurisdiction of Supreme Court can be invoked under Article 32 of the Constitution for the violation of fundamental rights guaranteed under Part - III of the Constitution. Any provision in any Constitution for Fundamental Rights is meaningless unless there are adequate safeguards to ensure enforcement of such provisions. Since the reality of such rights is tested only through the judiciary, the safeguards assume even more importance. In addition, enforcement also depends upon the degree of independence of the Judiciary and the availability of relevant instruments with the executive authority. Indian Constitution, like most of Western Constitutions, lays down certain provisions to ensure the enforcement of Fundamental Rights. However, Article 32 is referred to as the “Constitutional Remedy” for enforcement of Fundamental Rights. This provision itself has been included in the Fundamental Rights and hence it cannot be denied to any person. Dr. B. R. Ambedkar described Article 32 as the most important one, without which the Constitution would be reduced to nullity. It is also referred to as the heart and soul of the Constitution. By including Article 32 in the Fundamental Rights, the Supreme Court has been made the protector and guarantor of these Rights. An application made under Article 32 of the Constitution before the Supreme Court, cannot be refused on technical grounds. In addition to the prescribed five types of writs, the Supreme Court may pass any other appropriate order. Moreover, only the questions pertaining to the Fundamental Rights can be determined in proceedings against Article 32. Under Article 32, the Supreme Court may issue a Writ against any person or government within the territory of India. Where the infringement of a Fundamental Right has been established, the Supreme Court cannot refuse relief on the ground that the aggrieved person may have remedy before some other court or under the ordinary law.The relief can also not be denied on the ground that the disputed facts have to be investigated or some evidence has to be collected. Even if an aggrieved person has not asked for a particular Writ, the Supreme Court, after considering the facts and circumstances, may grant the appropriate Writ and may even modify it to suit the exigencies of the case. Normally, only the aggrieved person is allowed to move the Court. But it has been held by the Supreme Court that in social or public interest matters, any one may move the Court. A Public Interest Litigation can be filed before the Supreme Court under Article 32 of the Constitution or before the High Court of a State under Article 226 of the Constitution under their respective Writ Jurisdictions.All of the following can be inferred from the passage except

The Writ Jurisdiction of Supreme Court can be invoked under Article 32 of the Constitution for the violation of fundamental rights guaranteed under Part – III of the Constitution. Any provision in any Constitution for Fundamental Rights is meaningless unless there are adequate safeguards to ensure enforcement of such provisions. Since the reality of such rights is tested only through the judiciary, the safeguards assume even more importance. In addition, enforcement also depends upon the degree of independence of the Judiciary and the availability of relevant instruments with the executive authority. Indian Constitution, like most of Western Constitutions, lays down certain provisions to ensure the enforcement of Fundamental Rights.However, Article 32 is referred to as the “Constitutional Remedy” for enforcement of Fundamental Rights. This provision itself has been included in the Fundamental Rights and hence it cannot be denied to any person. Dr. B. R. Ambedkar described Article 32 as the most important one, without which the Constitution would be reduced to nullity. It is also referred to as the heart and soul of the Constitution. By including Article 32 in the Fundamental Rights, the Supreme Court has been made the protector and guarantor of these Rights. An application made under Article 32 of the Constitution before the Supreme Court, cannot be refused on technical grounds. In addition to the prescribed five types of writs, the Supreme Court may pass any other appropriate order. Moreover, only the questions pertaining to the Fundamental Rights can be determined in proceedings against Article 32. Under Article 32, the Supreme Court may issue a Writ against any person or government within the territory of India. Where the infringement of a Fundamental Right has been established, the Supreme Court cannot refuse relief on the ground that the aggrieved person may have remedy before some other court or under the ordinary law.The relief can also not be denied on the ground that the disputed facts have to be investigated or some evidence has to be collected. Even if an aggrieved person has not asked for a particular Writ, the Supreme Court, after considering the facts and circumstances, may grant the appropriate Writ and may even modify it to suit the exigencies of the case. Normally, only the aggrieved person is allowed to move the Court. But it has been held by the Supreme Court that in social or public interest matters, any one may move the Court. A Public Interest Litigation can be filed before the Supreme Court under Article 32 of the Constitution or before the High Court of a State under Article 226 of the Constitution under their respective Writ Jurisdictions.Q. According to the passage, article 32 has which of the following characteristics?A. it is used for enforcement of fundamental rights.B. The Supreme Court may issue a writ against any person or government of India.C. Article 32 defines a fundamental right.

Passage - 3Under our Constitution, the Legislature, Executive and Judiciary all have their own broad spheres of operation. Ordinarily it is not proper for any of these three organs of the State to encroach upon the domain of another, otherwise the delicate balance in the Constitution will be upset, and there will be a reaction. Judges must know their limits and must not try to run the Government. They must have modesty and humility, and not behave like Emperors. There is broad separation of powers under the Constitution and each organ of the State the legislature, the executive and the judiciary must have respect for the others and must not encroach into each other’s domains.The theory of separation of powers first propounded by the French thinker Montesquieu (in his book ‘The Spirit of Laws broadly holds the field in India too. In chapter XI of his book ‘The Spirit of Laws’ Montesquieu writes:When the legislative and executive powers are united in the same person, or in the same body of magistrates, there can be no liberty; because apprehensions may arise, lest the same monarch or senate should enact tyrannical laws, to execute them in a tyrannical manner. Again, there is no liberty, if the judicial power be not separated from the legislative and executive. Were it joined with the legislative, the life and liberty of the subject would be exposed to arbitrary control; for the judge would be then the legislator. Were it joined to the executive power, the judge might behave with violence and oppression.In India, the judiciary occupies an important place. The constitution visualizes an independent judiciary to safeguard the rights of citizens. In a democratic polity, the independent judiciary is a sine qua non to the effective functioning of the system. Administration has to function according to the law and the Constitution. The judiciary has an important role to play in protecting the citizen against the arbitrary exercise of power by administration. In the context of ever-expanding activities of government and discretionary powers vested in the various administrative agencies and public officials, the need to protect and safeguard the citizens rights assumes significance and priority. In developing societies where the state is playing an important role in development, judiciary has a special responsibility to ensure social justice to the underprivileged sections of the community. However, it must be admitted that the courts cannot interfere in the administrative activities on their own accord even if such activities are arbitrary. They act only when their intervention is sought. Judicial intervention is restrictive in nature and limited in its scope.Q.Suppose a Judge gives the direction to create the post of tractor driver and regularizing the services against the newly created posts, will it be right that the judiciary is entering into policy making?

Under our Constitution, the Legislature, Executive and Judiciary all have their own broad spheres of operation.Ordinarily it is not proper for any of these three organs of the State to encroach upon the domain of another, otherwise the delicate balance in the Constitution will be upset, and there will be a reaction. Judges must know their limits and must not try to run the Government. They must have modesty and humility, and not behave like Emperors. There is broad separation of powers under the Constitution and each organ of the State the legislature, the executive and the judiciary must have respect for the others and must not encroach into each other’s domains.The theory of separation of powers first propounded by the French thinker Montesquieu (in his book ‘The Spirit of Laws' broadly holds the field in India too. In chapter XI of his book ‘The Spirit of Laws’ Montesquieu writes:When the legislative and executive powers are united in the same person, or in the same body of magistrates, there can be no liberty; because apprehensions may arise, lest the same monarch or senate should enact tyrannical laws, to execute them in a tyrannical manner. Again, there is no liberty, if the judicial power be not separated from the legislative and executive. Were it joined with the legislative, the life and liberty of the subject would be exposed to arbitrary control; for the judge would be then the legislator. Were it joined to the executive power, the judge might behave with violence and oppression.In India, the judiciary occupies an important place. The constitution visualizes an independent judiciary to safeguard the rights of citizens. In a democratic polity, the independent judiciary is a sine qua non to the effective functioning of the system. Administration has to function according to the law and the Constitution. The judiciary has an important role to play in protecting the citizen against the arbitrary exercise of power by administration.In the context of ever-expanding activities of government and discretionary powers vested in the various administrative agencies and public officials, the need to protect and safeguard the citizen's rights assumes significance and priority. In developing societies where the state is playing an important role in development, judiciary has a special responsibility to ensure social justice to the underprivileged sections of the community. However, it must be admitted that the courts cannot interfere in the administrative activities on their own accord even if such activities are arbitrary. They act only when their intervention is sought. Judicial intervention is restrictive in nature and limited in its scope.Q. Suppose a Judge gives the direction to create the post of tractor driver and regularizing the services against the newly created posts, will it be right that the judiciary is entering into policy making?

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The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer?
Question Description
The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer?.
Solutions for The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.
Here you can find the meaning of The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Based on the author's arguments in the passage above, which of the following statements can be considered as causes/effects of the Black Money and Money Laundering?1. Courts have failed to curb the rising black money and money laundering. Courts need to take strict stance arresting the financial and economic crimes.2. Evil act of money-laundering may create a parallel economic system in a particular country controlled by few persons.3. Black money may cause destabilisation and also affect the prevailing economy.4. Money laundering may cause and caused by serious, crimes such as drug trafficking, robbery or extortion.Select the appropriate options from above:a)2, 3 and 4b)1, 3 and 4c)All of the Aboved)None of the above.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CLAT tests.
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