Ahead of data, French finance minister declares recession over, but stays cautious on growth
The detection came through a unique initiative of online monitoring system of suspicious transactions, named ‘Virtual Office’, which was set up by the ministry earlier this year for real-time coordination among revenue intelligence agencies and dissemination of various inputs pertaining to movement of illegal funds. The Central Board of Direct Taxes (CBDT) has detected unaccounted income and assets of Rs 1,408 crore using this platform. The Directorate General of Central Excise Intelligence (DGCEI) and Directorate General of Revenue Intelligence (DGRI), two leading agencies under the Central Board of Excise and Custom (CBEC), have together detected indirect tax evasion of at least Rs 750 crore, according to an official document. These agencies, which are part of the Virtual Office programme, detected the evasion after following up the leads in form of Suspicious Transaction Reports (STRs) passed on to them by Financial Intelligence Unit (FIU), an agency tasked with analysing and disseminating information relating to dubious financial exchanges. Both DGCEI and DGRI have also effected a recovery of Rs 46.71 crore, on the basis of the STRs generated by the FIU, through Virtual Office.
Frances gross domestic product shrank by 0.2 percent for the past two quarters the technical definition for a recession and data for the second quarter of the year wont be published until Aug. 14. But Pierre Moscovici told Corse Matin newspaper in an interview published Saturday that the recession is over, without revealing the second-quarter figures. More business news