We are pleased to bring to you ELP's analysis key proposals in the Interim Budget 2024.

Since 1991, India has made serious strides towards the policy of economic liberalisation and towards offering clear and navigable pathways into investing in the country.

Reserve Bank of India allowed Startups with an overseas subsidiary to open foreign currency accounts to credit to the account foreign exchange earnings from exports and sales made by the startup or its subsidiary.

It is possible that one of the above risks identified may resonate with those who may have interfaced with the tax/exchange control authorities in India.

Last month saw further disclosure of 1,195 account holders in HSBC Private Bank in Geneva, Switzerland, with Indian addresses.

The only defence against being a wilful abettor to the offences made out against the account holder will be demonstrating continuing due diligence.

Money Laundering, has been a great menace to the world economy particularly in this heightened stage of terrorism and cyber crime. A large number of criminal activities are focused to generate money for the perpetrators. Such criminal activities include the activities of organized crime such as drug trafficking, sale of illegal arms, smuggling, embezzlement, tax evasion, corruption, illegal gambling, arson, racketeering, prostitution etc. which can generate huge sums.