India’s Black Money 2011: Finance minister Pranab Mukherjee said the tax department would launch prosecution proceedings in relevant cases from the names of account holders given by foreign banks

The news headline in Livemint & Hindustan Times reveals latest update on India’s Black Money…… here is the full article

*****  The PIL claims this is a “colossal failure to enforce the law” due to influential politicians in various parties being involved in the offences. *****

New Delhi: Ahead of a Supreme Court hearing on a public interest litigation (PIL) on black money, finance minister Pranab Mukherjee at a press conference on Tuesday detailed the government’s strategy to deal with black money and said the tax department would launch prosecution proceedings in relevant cases from amongst names of account holders given by foreign banks.

Pranab Mukherjee, Indian politician, current F...

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The government has the names of account holders in Liechtenstein’s LGT Bank and information given by German banks.

Mukherjee refused to name account holders citing secrecy clauses attached to legal frameworks with different countries which are used to obtain information on Indian account holders in foreign banks.

The information, however, has been given to the Supreme Court in a “sealed envelope,” Mukherjee, said. The names would be revealed when the tax department launches prosecution proceedings in relevant cases, he added.

The Supreme Court on 27 January resumes hearing a PIL on black money being held in European banks by Indians, initiated by senior lawyer Ram Jethmalani along with some former civil servants, who want the court to examine the issue as well as the falling standards of administration on the part of the government.

The PIL claims this is a “colossal failure to enforce the law” due to influential politicians in various parties being involved in the offences.

According to Mukherjee, the press conference had its roots in a suggestion by Prime Minister Manmohan Singh asking the finance ministry to place in public domain the strategy to deal with black money. Singh had made the suggestion during a recent cabinet meeting which discussed amendments India had signed with its tax partners to elicit information on foreign bank accounts of Indians.

During a hearing on 19 January, the Supreme Court took a tough position against the union government, asking it why it was not disclosing the names of Indian citizens who allegedly stashed away large sums of unaccounted money in European banks from 2002 to 2006.

The main pillar of the government’s strategy to deal with the problem is to amend tax treaties with different countries to allow for information on bank details to be shared.

Indian Money

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According to Mukherjee, a change in international opinion in the wake of the 2008 financial crisis had played a positive role in amending treaties. 

The G-20 countries had decided to jointly take on countries or tax jurisdictions, which were reluctant to share critical information, Mukherjee, said.–Pranab-says-can.html?h=E

Issues Concerning E-Commerce- by Vinod Khurana

Information technology is no longer intersecting with business, but has become an integral part of our economy. However, as it stands electronic commerce per se is not part of WTO agreements. The United Nations Commission on International Trade Law adopted the model Law on electronic commerce in 1996, keeping that in mind the Indian Parliament has put in force Information Technology Act 2000.The salient features of this Act are the use and acceptance of electronic records and digital signature in Government offices and its agencies, thus bringing consequential changes in the Indian Penal Code, The Indian Evidence Act 1872, and to give legal sanctity for books of accounts maintained in the electronic form.

  • Cyber Law
  • Intellectual Property issues in cyberspace
  • Commercial issues in cyberspace
  • Global issues in cyberspace

    Cyber Law:
    Many legal issues arise while doing commerce on Internet which needs to be understood e.g. how far the web contents is protected by copyright law, how effective are the copyright in the present scenario when they become accessible globally, how the privacy and security can be maintained, what Constitutes defamation on the Internet, as the electronic commerce has no geographical boundary. We must be clear as to the repercussion and possibility of defending a lawsuit, in any country where end user resides.

    Intellectual Property:
    Trademarks, Copyrights and Patents are the most common intellectual property issues affecting the cyberspace. A trademark as defined under trademark act 1999 means a mark capable of being represented graphically and which is capable of distinguishing the goods or services of one person from those of others and may include shape of goods, their packaging and Combination of colours; – trademark can be broadly classified as generic, descriptive, suggestive, arbitrary, fanciful, and the protection would depend on the category in which it falls. It is important that on line company register its trademark besides a distinctive domain name and must be clear with difference of trademark/service mark and a particular domain name.
    Registering a trademark/service mark, trade dress as distinctive, it’s infringement and delusion, it’s international protection and the jurisdiction are the important issues that the domain name and the companies on line have to be aware of.
    Copyright is another issue that affects e-commerce. Are you aware what kind of legal recourse do you have if another e- business is using your on line material or could you be liable for infringement, if your website is linked to an e-business that displays copyrighted material without the owner’s consent. Never before it has been so easy to violate a copyright owner’s exclusive right, as it is now, therefore it is essential to understand as to how e-business can legally protect copyright ownership, what are the requirements for registration in copyright office, what are his exclusive rights, what are remedies and liabilities for copyright infringement what are the Patent able subject matter related to software in view of new patent act and what are it’s advantages.

    Commercial Issues in Cyberspace:
    E-commerce involves various issues such as, on line contracting, payment procedure, and taxation, among others. A contract is an agreement to exchange property or service that is legally enforceable in the court of law, we also know that a contract law is a matter of both common law and statutory law enacted by each country and may vary in various requirements, which are essential. To enter into valid and enforceable contract such as Mutual Assent, Consideration, Capacity, Legality and Forms, validity of such requirement for business or internet or e-commerce may involve various legal issue e.g. a person under intoxication is incompetent and lacks contractual capacity, what happens if a person under intoxicated condition formalizes a contract on e-commerce, therefore the companies need to understand such delicate issue to equip themselves for such eventualities as a precautionary measure. As regards taxation some intricate issues may arise such as sales tax charge. Sales tax is a state subject and paid by the consumer at the point of purchase, how would that be implemented in e-commerce scenario, sales tax is charged on sale of tangible assets software on disk in a state may subject the vendor for collecting the sales tax, what happens when a company sells software on line through credit card without knowing the physical presence. The problems are more complex when you have international transaction and needs to be understood by the companies doing e- business.
    The Internet was developed with free and open communication rather than security in mind, as the business is migrated to the internet to address the above questions are out of necessity more so when the users are generally novices, the urgency needs to be understood from the very fact that the expected turnover on e- commerce for the year 2003 is three trillion dollars.
    The purpose of this letter is only to create awareness among the e- traders that much needs to be done and understood to protect one’s business, which otherwise can be in jeopardy. If you have any question please do not hesitate to refer them to us at



    The Growing Menace – “Frauds & White-Collar Crime” – by Vinod Khurana

    (This paper is an effort to explain that sniffing out frauds is an art and needs a mind-set, which comes through Experience and mere knowledge of accounting principles and standards may not help)

    The fertility of man’s invention in devising new scheme of fraud is never ending, the new business methods and the speed, which are making business dynamic, are also making them vulnerable to financial fraud. At the same time technology dependency through ERP application generates unrealistic expectations, where as there is thick fog behind the screen, leaving much to be desired, thus creating ideal environments for the wrongdoers to exploit the weaknesses for their personal gains. Therefore Frauds and White-collar crimes in the corporate sector have been increasing at an alarming pace, which of late was the primary concern at Government Establishments

    Fraud is a generic term; No definite, explicit or formal statement can be laid in defining fraud. Fraud, theft, and embezzlement are terms that are often used interchangeably. Although they have some common elements, they are not identical in the criminal law sense. Theft is referred to as larceny- the taking and carrying away of the property of another with the intention of permanently depriving the owner of its possession. In larceny the perpetrator comes into possession of the stolen item illegally. In embezzlement, the perpetrator comes into initial possession lawfully, but then converts it to his or her own use.

    Embezzlers have a fiduciary duty to care for and to protect the property. In converting it to their own use, they breach that fiduciary duty. Therefore theft and embezzlement have different legal consequences.
    Fraud is intentional deception, commonly described as lying, cheating and stealing. There is no end to the types of frauds that is why, The Indian Penal Code, 1860 has not strictly defined a fraudulent act, even the courts have not explicitly elaborated and have kept it to them selves to interpret. In nutshell, fraud in books of account comes in two major categories, transaction and statement frauds. Statement frauds involve intentional misstatement of certain financial values to enhance the appearance of profitability and deceive shareholders and creditors, which will also benefit the perpetrator indirectly in one way or the other. World Com and Enron are the outstanding examples of this category. Transaction frauds are intended to facilitate the theft or conversion of organizational assets to one’s personal use and the perpetrator is the direct beneficiary. The recent case of Parmalt, an Italian company, which is also the largest dairy product group in Europe, where the management allegedly produced fake bank documents to claim that it possesses Four Billion Euro in cash that was non-existent and the Bank of America denied the authenticity of a document is an example of transaction fraud.

    There are varieties of ways the individual might fraudulently steal or embezzle the company’s assets. The size, complexity and ownership characteristics of the entity have a significant influence on fraud risk factor. In large entity focus on effectiveness of those charged with the governance, internal audit function, and formal code of conduct, are important issues, in small entity may be these factors are not applicable. There fore in general, procedure and methods of White-Collar Crime are based on inherent risk prevalent in the system.

    We must understand that fraud is no simple conduct. Most of the white-collar crimes are committed for economic reasons. Loose or lax controls and a work environment that does not value honesty, provides the opportunity. Motivations and opportunities are interactive, the greater the economic need, the less weakness in internal controls is needed to accomplish the fraud. The greater the weakness in control, the less motivation is needed. So when one has the motivation and opportunity, it’s the right recipe for the fraud because; it pays to do it, it is easy to do it, it is unlikely that you will get caught. The opportunities to commit fraud are rampant in the presence of loose or lax management or administrative and internal accounting controls at any corporate. These controls become vulnerable by half hearted and inadequate compliance of computerization and ERP applications. The recent years have seen the frauds growing both in size and complexity, at the same time, well-planned fraud is too complicated to be unearthed by any plain investigating agency.

    Fraud may surface through an allegation, complaint or discovery, which may be incidental or looked for. The visible part of a fraud transaction may involve a small amount of money, but the invisible portion can be substantial, so don’t let it go if you have suspicion though small. Surfacing fraud by design involves a proactive approach and methodology to discern fraud that looks for evidence of fraud. Financial auditing generally is not intended to search for fraud but to attest that financial statements are presented fairly. Though in the present time, the pressure is mounting on the statutory auditor to look for frauds, but how far they would succeed would depend on individual’s capability, as detecting frauds is a knack and not mere knowledge of accounting standards and practices.

    To understand and appreciate the early warning you got to look for missing link in the chain of evidence that brings the insight to the front. A general belief in the auditing profession is “Most frauds are discovered by accident, not by audits or accounting system design.” This has been repeated so many times by so many accountants and auditors that the general public accepts it as a gospel truth. I do not contribute to this belief, but yes there is no commonly accepted fraud detection methodology. It is a mind-set. The mind-set that I am addressing is not of paranoid, who trusts no one and sees evil everywhere. The mind-set that I talk of, can be described as seeing the wholesome and the hole at once, this knack of seeing the wholesome and the hole all at once comes with experience and the right-aptitude, which requires innovative and creative thinking as well as logic of science, which is able to see the wholesome and the hole together to establish the missing links, that brings the insight to the front and provides pragmatic approach to locate the vulnerable area, read the culprit’s mind and then sniff out frauds.

    There are large numbers of frauds, which never hit the radar screen and have stealth in built; and at the same time fraud travel to grow geometrically over the period as a learning curve, if not detected on time. Therefore the prevention through right-controls and early detection by professionals with right mind-set could save fortunes.


    New Year – New You! The Path to Successful New Year’s Resolutions (via The Simple Mom)

    This is a marvellous reading… Deborah has tried to distinguish between Habits & Resolutions… Most important is to notice the 150 comments as of today.. >>>


    New Year - New You!  The Path to Successful New Year's Resolutions by Deborah Taylor-Hough The biggest thing that seems to keep me from pursuing healthy eating habits or exercise routines for any significant length of time is personal time constraints. Busy, busy, busy. Like many people today, as a single parent, I don’t always have time to get home-cooked meals on the table regularly — much less take the time to actually prepare something nutritious and healthy. My goals for healthy living don’t include becomin … Read More

    via The Simple Mom



    Deborah Taylor-Hough is the mother of three, a full-time college student, a displaced homemaker trying to make ends meet on a limited budget, and the author of several older (but still in print) books including the popular Frozen Assets cookbook series. You can visit Debi online at:




    The biggest thing that seems to keep me from pursuing healthy eating habits or exercise routines for any significant length of time is personal time constraints. Busy, busy, busy. Like many people today, as a single parent, I don’t always have time to get home-cooked meals on the table regularly — much less take the time to actually prepare something nutritious and healthy.

    The updated USDA food pyramid, published in 20...

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    My goals for healthy living don’t include becoming super-model thin. I want to be healthy and strong. I’m not interested so much in how I look as in how I feel. The journey to a healthier lifestyle can begin with two steps: facing up to life’s brevity, and facing up to the truth about your physical condition. Anyone who’s ever been able to wear a size 5 as an adult (like I can!) can’t use the excuse of having big bones anymore.

    Over the years, my resolve to get healthy has been strong, but the practical application of my good intentions was sometimes difficult. I attempted a complete eating/exercise program. And failed. Failed miserably. A couple of my friends said the program was a failure. My nagging inner voice tried to tell me that I was a failure. But in retrospect, I don’t think either the program or my personal resolve was the root of the failure. I think I simply bit off more than I could chew at one time.


    I’ve discovered over the years that there’s a big difference between the formation of habits and simply making resolutions. I believe that one of the keys to successfully implementing permanent change in our lives revolves around instituting new habits. Once a habit is made, we don’t even have to think about it anymore. It becomes second nature.

    The secret to successfully instilling new habits is choosing one habit — and only one — we want to work on at a time, and then focusing on that single habit for about four to six weeks (the amount of time it usually takes for a new behavior to become habitual). After the first habit’s been formed, we can choose another habit to work on for a month or so, etc., etc. The failed program I tried awhile back required life changes in the following areas:

    1. the amount of food I was eating
    2. what I ate
    3. how frequently I ate
    4. the amount of water I drank
    5. aerobic exercise
    6. using weights for strength training and body sculpting

    All in all, I believe it’s an excellent program … but for someone like me who had allowed herself to fall so badly out of shape and away from healthy habits, attempting to overhaul every area of my life in one swoop was almost a guaranteed failure before it began.


    But what if instead of trying to change everything at once, I’d picked one idea at a time to work on until it became habitual? Six months before — when I first started feeling the inner motivation to get healthier — I could’ve started with one small step such as drinking enough water everyday. Then the next month maybe I could’ve focused on aerobic walking three times per week. Or eating properly balanced meals. And then the next month focused on the timing of my meals.

    In the same six months I would’ve been able to simply — and easily — instill all six of the life changes from that program without ever feeling overwhelmed by trying to do too much all at once. Instead of looking at my assorted food/exercise/health issues and feeling like a failure, I could’ve been making small and steady steps in the right direction each month and come out successfully at the other end.


    My health goals don’t include becoming super-model thin or running a marathon. I want a healthy, balanced lifestyle rather than an obsessive diet/exercise regime that’s based solely on quick results and what I want to see in the mirror. The mirror isn’t my gauge of success. The energy and stamina and good health that comes for a balanced lifestyle is the success I want to see in my own life.

    So, what about you? What single small step can you take this month toward a healthier New Year and a healthier new you?

    Choose one habit at a time. Take one step at a time. And before we know it, we’ll all be where we want to be … not just healthy, but health-WISE.

    Your 2010 year in blogging…by Team + Stats Helper Monkeys

    The stats helper monkeys at mulled over how this blog did in 2010, and here’s a high level summary of its overall blog health:

    Healthy blog!

    The Blog-Health-o-Meter™ reads Wow.

    Crunchy numbers

    Featured image

    A helper monkey made this abstract painting, inspired by your stats.

    A Boeing 747-400 passenger jet can hold 416 passengers. This blog was viewed about 7,500 times in 2010. That’s about 18 full 747s.


    In 2010, there were 28 new posts, growing the total archive of this blog to 115 posts. There was 1 picture uploaded, taking a total of 208kb.

    The busiest day of the year was November 22nd with 111 views. The most popular post that day was Picto-ry of Web evolution…. (tired of writing words) 😛.

    Where did they come from?

    The top referring sites in 2010 were,,,, and

    Some visitors came searching, mostly for coke a cola, funny monkey, funny monkey pictures, mineral based industries, and mineral based industries in india.

    Attractions in 2010

    These are the posts and pages that got the most views in 2010.


    Picto-ry of Web evolution…. (tired of writing words) 😛 November 2010


    Fraud email Gallery: Scam Letters – 542 different examples! December 2009


    Thanda Matlab Coca Cola: But, Thanda nahi hai…… November 2009
    1 comment


    India’s Most Trusted Brands – 2007: Economic Times Brand Equity Survey November 2009


    India’s Most Trusted Brands – 2008: Economic Times Brand Equity Survey November 2009



    Some of your most popular posts were written before 2010. Your writing has staying power! Consider writing about those topics again.


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    Wish You A Happy New Year 2011!!! @easyscraps

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