Heavily drunk, Gujarat Dy CM's son Nitin Patel misbehaves; taken off flight

Jaimin Patel cleared the immigration and other checks in a wheelchair: Qatar Airways officials

Gujarat Deputy Chief Minister Nitin Patel's son was early on Monday prevented by authorities from boarding a Qatar Airways flight to Greece after he arrived in a "heavily drunken" state at the airport and argued with the airline's staff.

Official sources told IANS that Jaimin Patel, who is in his mid-30s, his wife Jhalak and their daughter Vaishvi were stopped from boarding the Qatar Airways flight, which was to take off at 4 a.m.

When Patel, who is a land dealer, reached Ahmedabad International Airport, he was not even able to walk because of his drunken state.

Also Read : Demonetisation did not impede future black money flows in new notes: UN

He cleared the immigration and other checks in a wheelchair due to his inebriated condition, said airport officials.

"Jaimin Patel was prevented from boarding the flight. He also had an argument with the staff of the airways," an official said, requesting anonymity.

Meanwhile, Nitin Patel told reporters in the evening in Gandhinagar that this was a ploy to defame him. "My son, his wife and daughter were going for a vacation. He was not feeling well." Read more

PAC may summon PM Modi over cash ban issue if RBI's reply not satisfactory

PAC meeting to discuss issue of demonetisation has been called on January 20

Breaking News : The Public Accounts Committee (PAC) of Parliament can call Prime Minister Narendra Modi on the issue of demonetisation if it is not satisfied with the answers given by top finance ministry officials and the RBI Governor Urjit Patel, to whom a detailed questionnaire has been sent.

A PAC meeting on this issue has been called on January 20th, in which the RBI Governor Urjit Patel, Finance Secretary Ashok Lavasa and Economic Affairs Secretary Shaktikanta Das will be present.

"We have not yet received answers to the questions we have sent to them. They will reply few days before the January 20th meeting. Their replies will be discussed in detail," PAC Chairman and senior Congress leader K V Thomas told PTI.

Asked if the PAC would call the Prime Minister if replies were not satisfactory, he said: "The committee has all right to call anybody involved in the matter. But that will depend on the outcome of the January 20th meeting. We can call PM on demonetisation issue if members unanimously decide."

In a meeting with the PM after demonetisation announcement made on November 8, Thomas said, "I had met him and he said that the situation will be normal after 50 days by December-end. But it does not looks like."(more)

Black money chase: Don't panic if you receive a tax notice

Prepare your replies with expert help and keep relevant documents ready to support your replies

Breaking News : The government has asked banks to provide information to the Income-Tax (I-T) Department about savings accounts where deposits have exceeded Rs 2.5 lakh (Rs 12.5 lakh in the case of current accounts) after November 8. If the deposits are higher than past levels or deviate significantly from what a person’s savings are expected to be, based on the I-T returns he has filed in the past, he could receive a notice from the tax department. As the government has gone into overdrive against black money, many more notices are expected this year.

Type of notice received

First, you determine the type of notice you have received. Sometimes the tax department sends enquiry notices, where the officer asks for specific information. A tax scrutiny notice is for examining your I-T return in great detail. “For black money-related cases, the department could issue enquiry notices anytime, asking people to explain the source of large deposits in their savings accounts. Scrutiny notices will be issued only after the return is filed,” says Rahul Jain, partner-direct taxation, Nangia & Co.

The seriousness of your problem also depends on whether you have received a limited or detailed scrutiny notice. In the former, the officer can ask you to provide information only regarding limited points, say, about a mismatch between the tax return you have filed and the Annual Information Return (AIR) filed by a bank or mutual fund (MF) house for high-value transactions. A detailed scrutiny is a more holistic investigation. “A tax officer can convert a limited scrutiny into a complete scrutiny but not merely on the basis of suspicion or guesswork. He can do so, with the approval of a high-rank officer, only if he forms a reasonable view to believe income exceeding Rs 5 lakh (Rs 10 lakh in a metro) has escaped assessment,” says Kuldip Kumar, partner and leader (personal tax), PwC India.

What should you do?

Didn't become PM to cut ribbons and light lamps: Narendra Modi

Raises OROP at Uttarakhand rally, says issue was pending for 40 years, previous govts misled forces

Addressing a public rally in Dehradun, Uttarakhand, on Tuesday, Prime Minister Narendra Modi came down heavily on his critics, saying that he hadn't come to power merely to cut ribbons and light lamps.

The remarks came even as Modi inaugurated the the Chardham highway, which is expected to improve connectivity between the four pilgrimage centres of Kedarnath, Badrinath, Gangotri and Yamunotri. The assembly polls in the state are scheduled to be held shortly.

In a fiery speech, the Prime Minister said that the people of Uttarakhand were no longer willing to wait for development, and that the inauguration of the Chardham is a tribute to those who lost their lives in the flash floods that hit the state in 2013.

Asserting that Uttarakhand's economy was centred around tourism, Modi said that if proper infrastructure was provided, the sector would bustle, and people from all over would flock to the state. He claimed that the Chardham project offered employment opportunities for state's citizens.

Reminding the people that the country had given the absolute majority to a single party for the first time in years, Modi nudged to them to decide whether they got him to power just to inaugurate small projects, or to deliver the goods. He reiterated his claim that he had been appointed a chowkidaar (sentry) of the people and that 'some people' -- indicating the Opposition -- had a huge problem with this.(more)

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नोटों के नंबर कराएंगे अब अंदर

जब्त नोटों के नंबरों से जांच एजेंसियां पकड़ेंगी भ्रष्ट बैंक अधिकारी

प्रधानमंत्री नरेंद्र मोदी ने साल की अपनी आखिरी मन की बात में यूं ही नहीं कहा था कि भ्रष्टाचारियों को बख्शा नहीं जाएगा। यह कवायद पहले ही शुरू की जा चुकी है और इसमें काम आ रहे हैं उन नए नोटों के नंबर, जो देश भर में जब्त किए गए हैं। जब्त हुए इन नोटों में एक जैसा क्या है? अपनी ड्यूटी ठीक से नहीं निभाने वाले बैंक प्रबंधक, जिन्होंने रसूखदार और अमीर लोगों को खुश करने के लिए तय सीमा से बहुत ज्यादा रकम उन्हें दी और पुराने नोटों में उनकी बेनामी संपत्ति को भी नए नोटों में बदल दिया। बैंकों के भीतर यह सब तब किया गया, जब बाहर लाखों लोग दो-दो हजार रुपये के लिए दिन भर कतार में लगे रहे और बैंक नकदी नहीं होने की बात कहकर उन्हें वापस करते रहे। 

इसके बाद उन शाखाओं के प्रबंधकों और दूसरे वरिष्ठ अधिकारियों से पूछताछ की जाएगी। इन सीरियल नंबर के रिकॉर्ड को दो साल तक सुरक्षित रखना होगा। हालांकि बैंकों ने ये रिका सीसीटीवी फुटेज इस मामले में बहुत कम आएंगी। बैंकों के सूत्रों का कहना है कि जिस बैंक से नोट निकाले गए हैं, वहां उन्हें पहचानने का तरीका होता है। वास्तव में भारतीय रिजर्व बैंक करेंसी चेस्ट वाले बैंकों के संपर्क कार्यालयों से जानकारी मिलने के बाद उन्हें नए नोट जारी करता है। नोटों की गड्डियों वाले बक्से रिजर्व बैंक के प्रतिनिधि के जरिये करेंसी चेस्ट में भेजे जाते हैं। ये प्रतिनिधि पोतदार कहलाते हैं। गड्डियों को पोतदार और सुरक्षा दल की मौजूदगी में पन्नी फाड़े बगैर ही गिना जाता है। सुरक्षा दल में एक पुलिसकर्मी और अन्य कर्मचारी होता है। गड्डियों को गिनने और कटे-फटे नोटों की जांच करने के बाद पुलिसकर्मी के दस्तखत कराए जाते हैं और वह चला जाता है। उसके बाद पोतदार की मौजूदगी में एक दिन में 3 लाख नोट गिने जाते हैं।

जांचकर्ताओं का कहना है कि वे पोतदार और सुरक्षाकर्मी की भूमिका जांच रहे हैं ताकि पता चल सके कि करेंसी चेस्ट तक रकम पहुंचने से पहले तो नोट गायब नहीं हुए। यह भी देखा जा रहा है कि करेंसी चेस्ट के अधिकारियों और पोतदारों ने तो चेस्ट में कामकाज के दौरान नए नोट इधर-उधर नहीं कर दिए। ये तमाम बातें तब पता चलीं, जब केंद्रीय जांच ब्यूरो ने इसी महीने रिजर्व बैंक के वरिष्ठ विशेष सहायक के माइकल को धर दबोचा। उससे पूछताछ के बाद केंद्रीय बैंक के दो और अधिकारी पकड़े गए, जिन्होंने नियमों की धज्जियां उड़ाते हुए करीब 2 करोड़ रुपये के नोट बदलने में लोगों की मदद की थी। 

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जनता की सहूलियत को ही नियमों की जुगत

जनता से संवाद स्थापित करने के अपने मासिक रेडियो प्रसारण 'मन की बात' में प्रधानमंत्री नरेंद्र मोदी ने एक बार फिर नोटबंदी का बचाव करते हुए इस दौरान बदले गए तमाम नियमों को भी जायज ठहराया। साथ ही उन्होंने संकेत दिए कि भ्रष्टïाचार के खिलाफ अपनी मुहिम को तेज करने के लिए सरकार जल्द ही बेनामी संपत्तियों पर भी शिंकजा कसने की तैयारी कर रही है। नोटबंदी के बाद कई बार बदले नियमों पर प्रधानमंत्री ने कहा कि जनता की ओर से मिली प्रतिक्रियाओं के बाद सहूलियत के लिए ही इतनी बार नियमों में बदलाव किया गया। बेईमानी और भ्रष्टाचार के काले कारोबार में लिप्त लोगों के खिलाफ सख्ती जारी रखने का संकल्प व्यक्त करते हुए मोदी ने पूर्ववर्ती कांग्रेस नीत सरकार पर बेनामी संपत्ति से जुड़े कानून को कई दशकों तक ठंडे बस्ते में डालने का आरोप लगाते हुए कहा कि वर्तमान सरकार ने बेनामी संपत्ति कानून को धारदार बनाया है और आने वाले दिनों में यह कानून अपना काम करेगा। आकाशवाणी पर प्रसारित संबोधन में मोदी ने कहा, 'मैंने 8 तारीख को (नोटबंदी की घोषणा के दिन) पहले ही दिन कहा था कि यह लड़ाई सामान्य नहीं है। 70 साल से बेईमानी और भ्रष्टाचार के काले कारोबार में कैसी शक्तियां जुड़ी हुई हैं? उनकी ताकत कितनी है? ऐसे लोगों से मैंने जब मुकाबला करना ठान लिया है तो वे भी सरकार को पराजित करने के लिए रोज नए तरीके अपनाते हैं।'

उन्होंने कहा कि जब वे नए तरीके अपनाते हैं तो हमें भी तो उनकी काट के लिए नया तरीका ही अपनाना पड़ता है। तू डाल-डाल, तो मैं पात-पात, क्योंकि हमने तय किया है कि भ्रष्टाचारियों को, काले कारोबारों को, काले धन को, मिटाना है। भ्रष्टाचार के खिलाफ कठोर कदम जारी रखने का संकल्प व्यक्त करते हुए मोदी ने कहा, 'मैं आपको विश्वास दिलाता हूं कि यह पूर्ण विराम नहीं है, यह तो अभी शुरुआत है। ये जंग जीतनी है और थकने का तो सवाल ही कहां उठता है, रुकने का तो सवाल ही नहीं उठता है।' उन्होंने कहा कि जिस बात पर सवा-सौ करोड़ देशवासियों का आशीर्वाद हो, उसमें तो पीछे हटने का कोई प्रश्न ही नहीं उठता है।' Read more

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Full text: RBI caps deposits exceeding Rs 5,000 to just one before 30 Dec

The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.

The RBI on Monday restricted deposits of demonetised Rs 500 and Rs 1,000 notes in excess of Rs 5,000 only once till December 30 -- after strict scrutiny.

The new restrictions are meant to encourage deposits of demonetised currency notes under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016.

In its notification, the Reserve Bank of India instructed all the banks to give full credit to demonetised notes over Rs 5,000 only in the case of accounts compliant with 'Know Your Customer' (KYC) norms

If the accounts are not KYC compliant, then the credit for deposits of demonetised currencies will be restricted to Rs 50,000.

Here is the full text of the RBI notification:

RBI/2016-17/189

DCM (Plg) No. 1859/10.27.00/2016-17

December 19, 2016

The Chairman / Managing Director/ Chief Executive Officer,

Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural

Banks / Urban Cooperative Banks/ State Cooperative Banks

Dear Sir,

Withdrawal of Legal Tender Character of existing ? 500/- and ? 1000/- Bank Notes (Specified Bank Notes) - Deposit of Specified Bank Notes (SBNs) into bank accounts

Please refer to Circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 on the captioned subject. On a review of the provisions ii, iii and iv at C of Para 3 dealing with credit of the value of SBNs into bank accounts it has been decided to place certain restrictions on deposits of SBNs into bank accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016 as indicated below: Read more

नए साल में मिल सकती है सौगात

प्रधानमंत्री नरेंद्र मोदी की नोटबंदी की योजना को शुरुआत में जन समर्थन मिला था लेकिन अब यह स्थिति सरकार पर भारी पड़ सकती है। हालांकि सरकार के सलाहकारों का दावा है कि नकदी संकट का बुरा दौर जल्दी ही खत्म हो जाएगा। नोटबंदी को लेकर लोगों के बीच बन रही नकारात्मक धारणा को दूर के लिए प्रधानमंत्री मध्य वर्ग और गरीबों के लिए नए वर्ष के अवसर पर योजनाओं की झड़ी लगाने की तैयारी में हैं।


अधिकारियों के मुताबिक 20 दिसंबर के बाद नकदी संकट दूर होने के संकेत मिलने लगेंगे और 10 जनवरी के बाद स्थिति में उल्लेखनीय सुधार आएगा क्योंकि तब तक 500 रुपये के पर्याप्त नोट चलन में आ जाएंगे। वित्त मंत्री अरुण जेटली ने भी आज संकेत दिया कि अगले 3 सप्ताह में स्थिति में सुधार आना चाहिए। नोटबंदी के बारे में लोगों में बनी नकारात्मक धारणा को दूर करने के लिए प्रधानमंत्री और उनकी सरकार उन वर्गों के लिए कई योजनाओं की घोषणा कर सकती है जिन्हें नोटबंदी के कारण परेशानी हुई है। इनमें किसान, मध्य वर्ग (खासकर छोटे व्यापारी व उद्यमी) और युवा वर्ग शामिल है। इनमें से कुछ घोषणाएं 2 जनवरी को लखनऊ की जनसभा में हो सकती हैं। इन योजनाओं की रूपरेखा तैयार करने के लिए भाजपा के वरिष्ठ नेताओं, आरएसएस नेतृत्व और सरकार के अहम मंत्रालयों के बीच विचार-विमर्श का दौर जारी है।


लखनऊ में 2 जनवरी को होने वाली मोदी की जनसभा पहले 24 दिसंबर को प्रस्तावित थी। इस दिन उत्तर प्रदेश में भाजपा की परिवर्तन यात्रा का लखनऊ में समापन होना है। लेकिन 31 दिसंबर को समाप्त हो रही नोटबंदी की समयसीमा को देखते हुए इसे आगे बढ़ाया गया है। उत्तर प्रदेश सहित पांच राज्यों में विधानसभा चुनाव फरवरी-मार्च में होने हैं। मध्य वर्ग बजट से करों में राहत की उम्मीद लगाए बैठा है और कई मंत्रियों में सार्वजनिक तौर पर इसकी संभावना जताई है।

वरिष्ठ अधिकारी नोटबंदी के बाद काले धन को सफेद बनाने वालों के खिलाफ कार्रवाई की रणनीति बनाने में जुटे हैं। आय कर विभाग का कहना है कि उसके पास पर्याप्त कर्मचारी नहीं हैं। ऐसे में सरकार यह संभावना तलाश रही है कि बड़ी मछलियों को ही निशाना बनाए और छोटी मछलियों को निकलने दिया जाए ताकि नोटबंदी के कारण हुए नुकसान की भरपाई हो सके। Read more

Will supporters of demonetisation please click yes, PM Modi asks nation

Through 'Jan Jan Ki Baat,' Modi asked 10 questions to gauge the mood of nation post demonetisation

After ‘Mann Ki Baat’, the Narendra Modi government is experimenting with ‘Jan Jan Ki Baat’ to get people’s feedback on burning issues. Within an hour of the Prime Minister asking citizens of the country to rate his latest initiative—demonetisation—on his narendramodi app, there were 3,700 retweets and 7,900 likes on his Twitter handle. Soon, Jan Jan Ki Baat was trending on social media with ‘’cashless India’’ stopping to give its feedback on the banning of big notes.

It is not known yet how many have taken time out to assess the latest initiative of the government, but the questions asked are pointed. With several state elections lined up through 2017, the PM wants to be sure how people have responded to demonetization as a step to eliminate black money.

It’s a 10-step survey, beginning with a simple question—do you think there’s black money in India. Then it goes on to ask whether you think it needs to be eliminated and what you think of the government efforts in eliminatingblack money etc. From the fifth question onwards, the survey gets into demonetisation full steam. Question number 5: How do you assess the government move to ban Rs 500 and Rs 1,000 notes? One has to move the fingers along the wheel to rate, while green and red lights flash on the screen to suggest what your assessment is.Read more

Lining up at the ATM? Here's how your cash actually gets there

From the printing press to the ATM, its a journey that starts with calculations at the Reserve Bank of India

Everyone likes money, especially with the Modi government's Demonetisation policy in full swing. But how does the Rs 100 note, which has reasserted its real value, and the new Rs 500 and Rs 2,000 notes reach your nearest automated teller machine (ATM)?

From the printing press to the ATM, its a journey that starts with calculations at the Reserve Bank of India and culminates in the execution of a very complicated logistics plan.

From the printing press to the ATM:

1) Finding our the country's cash needs: The RBI first calculates India's annual cash requirement. According to an Indian Express report, the calculation takes into account the quantity of notes in circulation, those which might have been destroyed, and how many would be needed for replacement. Other factors, the report added, such as projected GDP growth and inflation are also accounted for. The process starts early in the calendar year, before the new fiscal year begins, and RBIinforms the Ministry of Finance about the amount of currency that needs to be printed.

2) Telling the printing presses: India has four printing presses: One in Nashik (Maharashtra), one in Dewas (Madhya Pradesh), another in Mysuru (Karnataka( and the last in Salboni (West Bengal). These presses print out the notes after an order is placed with them and instructions are received regarding denominations and quantity of notes to be printed. The high-security paper used to print the notes comes from the currency paper mills in Mysuru and Hoshangabad.

3) Distributing the notes across the country: Once the notes have been printed, they need to be distributed across 19 regional centres of the RBI. Along with these centres, there are 4,000currency chests which serve areas not covered under these centres and they too need to receive the freshly printed notes. However, as explained by the IE report, even after these notes have reached their destinations, they do not hold any value till they are backed by cash or securities of equal value.Read more

No stay on demonetisation, SC says govt cannot have surgical strike against people

Without issuing any notice to the Centre or the RBI, the bench posted the matter for further hearing on Nov 25

The Supreme Court on Tuesday refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience.

"We will not be granting any stay," a bench comprising Chief Justice TS Thakur and DY Chandrachud said.

The remarks were made after some advocates insisted on a stay.

Senior advocate Kapil Sibal, appearing for one of the petitioners, however, said he was not asking for a stay on the notification but seeking answers from the government about the steps taken to remove public inconvenience.

The bench asked Attorney General Mukul Rohatgi to file an affidavit about the measures already undertaken by the government and the Reserve Bank of India to minimise public inconvenience and also the steps likely to be undertaken in future.

Without issuing any notice to the Centre or the RBI, the bench posted the matter for further hearing on November 25.

During the hearing, the Chief Justice said the objective seems to be laudable "but there is some inconvenience also to the public at large".

The bench also said "You (Centre) can have surgical strike against black money but you cannot have surgical strike against people of the country."

At the outset, the Centre which had filed a caveat in the matter, sought dismissal of the petitions challenging demonetisation on several grounds including that they were "misconceived".

Rohatgi, appearing for the Centre, outlined the idea behind demonetisation and said large number of fake currency has been used to finance terrorism in various parts of the country including in Jammu and Kashmir and northeastern states.

He, however, agreed with the bench that some inconvenience to common citizens occurs as this kind of "surgical strike" is bound to have "some kind of collateral damage".Read more

Has demonetisation stopped stone pelting, curbed terror financing in J&K?

In the last few days after PM's daring move there hasn't been stone pelting on security forces.

Defence Minister Manohar Parrikar has hailed the government's demonetisation decision and said it has let to decline in stone-pelting incidents in Jammu and Kashmir.

"Earlier, there were rates: Rs 500 for stone pelting (onsecurity forces in Kashmir) and Rs 1,000 for doing something else. PM has brought terror funding to zero," Parrikar said.

"In the last few days after PM's daring move there hasn't been stone pelting on security forces. I congratulate PM for it," Parrikar said.

According to a report in Deccan Herald, the incidents ofstone pelting have declines in the Valley ever since Prime Minister Narendra Modi scrapped Rs 500 and Rs 1,000 currency notes across the country.

While police handouts on the situation in the Valley stated that no incidents of stone-pelting were reported from anywhere in the past few days, officials said a major reason behind the sudden decline in violence was that the "money channels" of inciting violence have been sealed.

In the past, several complaints had cropped up that separatists were paying stone-pelters and other anti-national elements in big currency notes. Apart from taking on corruption, black money; the step by the Modi government has resulted in peace and calm in the Valley.

Security analysts believe that Kashmir will remain largely calm in the coming days as miscreants will run short of money to keep their network operational.

For the last four months, the Valley was brought to a standstill but now things are falling back into place with people carrying out their daily chores, schools being opened and students appearing for exams.

Barring a few law and order incidents at some places, hundreds of vendors put up their stalls at the weekly flea-market in the city on Sunday while banks across Kashmir witnessed a rush of customers in view of the demonitisation of 500 and 1000 currency notes, bringing some semblance of normalcy in the unrest-hit Valley.

Normalcy ceased to exist in Kashmir due to unrest triggered by the killing of Hizbul Majhideen militant Burhan Wani since July 8.

However, there has been increased movement of people and public transport, except buses, in Srinagar in the last month. Apart from private vehicles, auto-rickshaws and inter- district cabs were also plying in large numbers.

Defying separatists' call for protest, 95 per cent students appeared for class 12th board exams in Kashmir on Monday. About 94.88 per cent of the total 31,964 students appeared in the examination, an official of Jammu and Kashmir Board of School Education (BOSE), which conducts the examinations, said.(more)

Black money window: FM Jaitley to meet industry chambers, CAs

Black money window: FM Jaitley to meet industry chambers, CAs

Union Finance Minister Arun Jaitley will meet industry chambers, Chartered Accountants, and other professionals over the four-month window provided to holders of undeclared wealth to come clean.

According to reports, the Finance Minister will clear doubts about the four-month window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties.

The Income Tax Department has already adopted a four-pronged strategy to ensure success of the scheme.

Prime Minister Narendra Modi had earlier warned the black money holders to take advantage of the scheme or face action.

This comes after the Prime Minister during his 'Mann ki Baat' address asked people to declare their undisclosed income by September 30, making it clear that this is the last chance to avoid problems that will follow after the window of opportunity closes.

"It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30," he said.

Read more

PM to visit Switzerland, US in five-nation tour

PM to visit Switzerland, US in five-nation tour

Prime Minister Narendra Modi will embark on a five-nation tour from Saturday. He will visit Afghanistan, Qatar, Switzerland, the US and Mexico. He is also slated to head for a four-nation tour to Africa in the first half of July. While the itinerary of that visit is still being worked out, it is likely to include visits to Mozambique, South Africa, Tanzania and Kenya. It will be the first visit of his tenure to mainland Africa. The PM had visited the island nations of Seychelles and Mauritius in March 2015.

The highlight of the PM’s five-nation tour will be the visit to Switzerland on June 5 and 6, en-route to the US. In Switzerland, the PM will hold discussions with the President of the Swiss Confederation Johann Schneider-Ammann. Modi is also likely to take up early conclusion of an agreement on the automatic exchange of tax information.

This agreement will facilitate the exchange of information between the tax authorities of the two countries and potentially help Indian tax authorities to track unaccounted money, or ‘black money’, suspected to be stashed away in Swiss banks by Indian nationals. Tracking down the ‘black money’ was a key promise of the Modi-led Bharatiya Janata Party in the run-up to the 2014 Lok Sabha elections.

Read More.