NEW DELHI: India’s finance ministry said yesterday it is probing allegations by anti-graft activists that some of India’s top businessmen illegally stashed large sums of money abroad.
“Investigations in the matter (are) under progress including with foreign tax authorities to obtain more information with regard to the reported account holders,” the ministry said in a statement.
India Against Corruption activist Arvind Kejriwal and Supreme Court lawyer Prashant Bhushan alleged Friday that the government had received the names of 700 people with Geneva bank accounts from the French government in July 2011.
They alleged India’s Income Tax Department raided some smaller businessmen but the “big fish” evaded penalties after “buying peace” with then finance minister Pranab Mukherjee, now India’s president.
The issue of so-called “black money” — funds not reported to the government for tax purposes or parked abroad to avoid tax — is one of the problems that has roiled Prime Minister Manmohan Singh’s scandal-tainted administration.
India’s Supreme Court last year ordered a probe into undeclared money in foreign bank accounts, while accusing the government of “serious lapses” in handling the issue.
On Friday, Indian conglomerate Reliance Industries Ltd. issued a statement saying it has dealings with global banks as part of its international business operations but denying it has “any illegitimate accounts anywhere in the world.”
India Against Corruption has accused the government of “misleading Parliament and shielding big names” and demanded that all the names on the list be raided by tax authorities.
The ruling Congress party has rejected Kejriwal’s charges and said the government has already taken a number of steps against “black money.”
India probes Swiss ‘black money’ charges
India probes Swiss ‘black money’ charges
India’s 2025 rice exports surge to near record as curbs lifted
- India usually exports more rice than combined shipments of world’s next three largest exporters, Thailand, Vietnam and Pakistan
- An improved flow of rice from the world’s largest exporter of the grain drove prices in Asia to their lowest in nearly a decade
RAIPUR: India’s rice exports jumped 19.4 percent last year to the second-highest on record after New Delhi lifted all export curbs, making shipments more competitive, government and industry officials told Reuters on Saturday.
An improved flow of rice from the world’s largest exporter of the grain curbed shipments from rivals Thailand and Vietnam and drove prices in Asia to their lowest in nearly a decade, easing costs for poor consumers in Africa and other regions.
“Indian shipments rebounded quickly after the government lifted export restrictions” in March, said a government official, who asked not to be named as he was not authorized to speak to the media.
As supplies improved with record production, India removed the last of the export curbs imposed in 2022 and 2023.
Exports rose to 21.55 million metric tons from 18.05 million in 2024, near the 2022 record of 22.3 million tons, the official said.
Non-basmati rice shipments jumped 25 percent to 15.15 million tons, while basmati exports increased 8 percent to a record 6.4 million tons, he said. Non-basmati rice shipments rose sharply to Bangladesh, Benin, Cameroon, Ivory Coast and
Djibouti, while Iran, the United Arab Emirates and Britain increased purchases of premium basmati rice during the year, said another government official.
India usually exports more rice than the combined shipments of the world’s next three largest exporters: Thailand, Vietnam and Pakistan.
“Indian rice is very competitive compared with supplies from other exporting countries, with lower prices helping India regain lost market share,” Nitin Gupta, senior vice president at Olam Agri India, said on the sidelines of the India International Rice Summit.
