Black Money - Current Affairs Questions and Answers

1)   The SIT on Black Money team submitted its third report to the Union Ministry of Finance on 3rd November, 2015. Who is heading the SIT?

a. Justice AP Shah
b. Justice MB Shah
c. Justice KB Shah
d. None of the above
Answer  Explanation 

ANSWER: Justice MB Shah

Explanation:
SIT on Black Money on 3rd November 2015 presented its third report to the Union Ministry of Finance. The SIT is headed by Justice MB Shah and the report dealt with shell companies and beneficial ownership.The SIT’s findings were that over 2600 persons are directors on more than 20 companies and at least 20 companies are operating from the same address at 345 places which indicate the violation of Companies Act, 2013.
2)   Switzerland has recently received information request for which Indore based textiles firm in a suspected black money case by tax authorities in India?

a. Filtech Fabrics
b. N. R. Filter and Fabric Private Limited
c. Fashion Clothing Company
d. Neo Corp International Limited
Answer  Explanation 

ANSWER: Neo Corp International Limited

Explanation:
In new disclosure on suspected black money being probed by Indian tax authorities, Switzerland has received request for information about Indore origin textile firm Neo Corp International Ltd. This company began as a small woven sack maker in the 1980s and now alleges it is an MNC technical textiles group. It has faced income tax searches in February 2015 for suspected tax evasion. Around 12 names have been disclosed in this high profile crackdown by Swiss and Indian authorities.

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