GOVERNMENT OF INDIA
MINISTRY OF FINANCE
Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016; More than Rs. 130 crore in cash and jewellery seized and approximately Rs. 2,000 crore of Undisclosed Income admitted by the taxpayers; IT Department refers large number of cases with serious irregularities detected Post De-monetization to Enforcement Directorate (ED) & CBI.
The Income Tax Department has carried-out swift investigations in more than 400 cases since the de-monetization of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. More than Rs. 130 Crore in cash and jewellery has been seized and approximately Rs.2000 Crore of undisclosed income has been admitted by the taxpayers.
Detecting serious irregularities beyond the Income-tax Act, the CBDT decided to refer such cases to the ED and the CBI, enabling them to examine the criminal conduct for immediate necessary action. More than 30 such references have already been made to the ED, and are being sent to the CBI.
The Bengaluru Investigation Unit of the Income Tax Department has sent maximum references (18) to ED. These are cases where undisclosed cash in new high denomination notes was seized by the Department. The Mumbai unit has referred a case where Rs. 80 lakh in new high denomination currency notes were seized. Ludhiana Unit has referred 2 cases, where seizures of USD 14000 and Rs. 72 lakh in cash were made. Hyderabad, shared a case involving seizure of Rs. 95 lakhs cash from 5 persons travelling in a Tata Indica. Pune’s reference stems from a seizure of Rs. 20 lakhs cash, including 10 lakhs in new currency notes from an un-allotted locker of urban cooperative bank, the key of which was in the possession of the CEO of the bank. Two cases referred by the Bhopal unit are of jewelers against whom evidence of large scale pre-dating of bills and flouting of PAN reporting norms were detected during searches conducted. The cases referred from the Delhi unit include the Axis Bank, Kashmiri Gate in which complicity of officers of the bank in the malpractices was detected.
The concerted and coordinated enforcement action of the Income Tax Department, ED & CBI in detecting the malpractices and taking swift action is going to continue in the coming days.
View of Mr.Suraj
Real estate business is logically the worst affected because this business was progressing fast only against highest use of black money, and have amassed huge unaccounted funds in bag fulls. There is a ray of hope that in a year or two this trade could revive at the fresh corrected market rates when even registration deed as also property taxes are eliminated all together, with the introduction of bank transactions tax. This could also see the removal of even income, sales, vat, excise, road and most of the taxes, the ultimate aim which Modi has embarked upon. The digitalisation of money transactions is one strong step in this direction. Huge unaccounted funds per rooms of bag fulls on 1,000 and 500 currency notes in party offices and leaders all around, having vanished and evaporated over night, the elections are going to be vastly cheaper giving rise to entry of honest citizens knowing there are going to be no wind falls, and country getting honest and rich dividends. Next possible step is to target properties purchased with high unaccounted funds as also benami properties, plots, kothis, & business partnerships, shares, mutual funds, diamonds, gold, jewelry by bureaucrats, Real Estate dealers, Chartered Accountants, and of course large bribe prone babus and officers in police, PH, PWD, Excise, Income Tax, Vat Taxations, Municipal Committees, Customs, RTI etc etc .This demonitisation is going to be wide scale manthan where most of the unaccounted funds players will feel the highest set back, many going to get free food and lodging in Jails all over India, so the restof the citizinery enjoy a stress free life..
Benefits of Debit Card Activation – FAQs
Here are given some of the major benefits of Debit Card activation in the form of Frequently Asked Questions (FAQs) and their Answer format:
QUESTION 1: Why it is important to have active debit cards?
ANSWER: Debit Card makes your payments much more convenient and secure through an electronic payment facility directly from your bank account. Debit card can be used for purchases online or at shops by directly debiting your Bank account. Debit cards can also be used to withdraw cash from an ATM.
QUESTION 2: How is a customer benefited by debit cards?
ANSWER: Major benefits to customers are
Ø It is more convenient to carry a small, plastic card instead of a bulky Cheque book or a large amount of cash.
Ø Easy to obtain: Once you open an account most institutions will issue you a debit card upon request.
Ø Convenience: Purchases can be made using a chip-enabled terminal or by swiping the card rather than filling out a paper cheque.
Ø Safety: You don’t have to carry cash or a Cheque book. Debit cards are protected by a four digit pin number that you set yourself. This pin is needed to make any purchase with your debit card.
Ø Readily accepted: When out of town (or out of the country), debit cards are usually widely accepted (make sure to tell your financial institution you’re leaving your city; to not have an interruption in service).
Ø It’s a Cash Card Too: Debit cards still have the ability to give you cash, you can take them to an ATM and use them there to withdraw the cash.
Insurance: National Payment Corporation of India has introduced Insurance cover in case of accidental death or permanent disablement of Rs 1 Lac for Non-Premium cards (RuPay Classic) and Rs 2 Lac for Premium cards (RuPay Platinum) to eligible RuPay card holders. The RuPay Insurance programme will continue for financial year 2016-17, i.e. from April 01, 2016 to March 31, 2017.
QUESTION 3: Can I use my debit card if I have not used it for long?
ANSWER: Yes. It may however require activation. Please check the forwarding letter that came with your debit card. Please check your Bank website.
QUESTION 4: How do I generate a PIN ?
ANSWER: Banks provide PIN by mail, which is either dispatched by bank to the cardholder address. Some banks also offer Green Pin facility online. Banks also facilitate change of PIN to suit your requirements.
QUESTION 5: What are the recent steps taken for promoting debit card payments?
ANSWER: Some of the recent initiatives towards popularizing Debit card usage are:
Ø MDR (Merchant Discount Rate) which a merchant (Shopkeeper) pays the Bank for POS transaction are reduced to zero on debit cards till 31th, December 2016.
Ø Excise duty payable on acquisition of POS machine which was earlier 16.5% has been waived till 31st March 2017.
QUESTION 6: What should you do if a shop asks you for an additional amount for use of your debit card?
Answer: As per the norms prescribed by card networks, shops should not ask for any additional amount called surcharge or convenience fee. You can refuse to pay an additional amount for use of your card and register complaint to your bank on its website or otherwise.
QUESTION 7: Can one refuse to pay additional amount as banks have waived their charges on one of debit cards till 31st December 2016.
Answer: Although all banks have waived MDR up to Dec 31, 2016, customers are not required to pay additional amount even after that if demanded by the shopkeeper, as this is to be paid by the shopkeeper.
QUESTION 8: Why should Merchant encourage card use?
ANSWER: Merchant are benefitted to encourage debit card transaction as:
Ø Cost of Digital transaction is lower than handling Cash.
Ø Deposition of cash in bank is not required as the amount will be automatically credited to account.
Ø Credit History is created for the merchant which will help him in taking more support from banks and other financial initiatives of government time to time.
Ø Manual reconciliation is not required at merchant side. He can always refer to his account.
Ø Accepting payment cards can enable merchants to increase their revenues
Ø Increased sales: Cards enable consumers to make quicker and easier payments.
Ø Better customer service: Electronic payments offer customers more flexible payment options – faster checkout times for customers and a more efficient way of paying. Also, innovations such as Equated Monthly Instalment (EMI) payments, allow consumers the ability to purchase and take possession.
MIS USE-FRAUD-CHEATING – ON THE USE OF DEBIT AND CREDIT CARD.
Banks conceal and hide all their fraud and illegal activities and criminal cases against them and their officers in India.
Bank Softwares are not at all good and their safety network or softwares only WORK FOR THE FRAUDS AND CHEATS and not for the clients.
MY OWN EXAMPLE-
I was lying in the MICU Apollo Hospital, after my By-Pass surgery in Bangalore in 2012 and my card was swiped in South Africa for Game from a MNC Bank. I did not know any detail about it, till my son told me about it. Immediately, my son, complained and blocked the card. It took 3 months for the BANK to resolve and credit the amount to my account. It was a very small and petty amount.
All these MNC banks and their statements, website or e mail replies are mis leading statements or blatant lies or always busy ( doing nothing) full of waste bodies with ties and some L Board or learning MBA from a third class university will be handling for the cheapest salary ( because, he is fit for nothing), promise something,which either does not exist or not possible.
FINALLY, YOU LOSE YOUR MONEY. Then, begins the real trial. The recovery agent ( generally a thug or rowdey or criminal who has contacts with police, who is cleverly called as recovery agent) will approach or call or come to your work place or home at ungodly hour to recover the money.
Many, un suspecting and softwares, without intimating their intimate friends and wife, pay and close the show.
SO,GUYS BE WARE.
The High Court of Karnataka has concluded the hearing on the Amendment to KTCP Act and KMC Act, which propose to regularise the illegal and unauthorised construction, which was challenged and the amendment was stayed by the High Court of Karnataka, HAS RESERVED THE ORDERS.
BWSSB IS TAKING ACTION ON APARTMENTS WHICH HAVE MORE THAN 20 UNITS AND DOES NOT HAVE SEWAGE TREATMENT PLANTS and THE BESCOM MUST TAKE APPROPRIATE ACTION AGAINST THE ILLEGAL AND UNAUTHORISED BUILDINGS AND ITS OWNERS
Over 3, 800 apartments, which have more than 20 dwelling units, have been penalized by BWSSB for not having installed STPs, which was mandated through a Government Order (GO) in January. The penalties cross Rs. 1.69 crore and will continue each month until a functional STP is installed.
While the number of buildings may not drastically increase further — as officials are still verifying the number of dwelling units in smaller apartment complexes —
BWSSB has also started issuing notices to apartments where installed STPs are not functioning.
The fines complement the drives against houses (built after 2011 and on plots of 30 ft X 40 ft or above) which have not installed rainwater harvesting systems. Since July, around Rs. 70 lakh have been collected as fines from over 3,500 houses.
On January 19, in a gazette notification, the Department of Forest, Ecology ad Environment had noted the flow the raw sewage into storm water drains and lakes of the city, and had made mandatory reuse of sewage water at the source. BWSSB was to implement the order, while other civic agencies were to sanction projects only if STPs are part of the design plan.
However, since the penalising started, objections are pouring in from various apartment associations.
Some have stated and argued that The order is impractical. There is a constraint of space to build an STP which requires 20 ft X 50 ft space. How will you find this space in existing apartments? Moreover, the entire plumbing has to be redone to reuse the water. Financing STP and maintaining it is also a challenge.
In such a case, who will treat the sewage let out by these apartments and at whose cost?
In fact, Apartments have not been permitted to be constructed in sites measuring 20 feet X 30 feet or 30 feet X 40 feet or 40 feet X 60 feet and apartments are permitted in 50 feet X 80 feet with 1.75 FAR or 2.00 FAR allowing or permitting them to construct only 7,000 sft or 8,000 sft, where, 20 apartments cannot be constructed. 8 to 12 or 16 apartments of 1 bhk or 2 bhk can be built on 50 feet X 80 feet and there are over 24 apartments, discharging approximately about 12,000 litres of domestic sewage into communal drains, which are designed to take only 2,000 litres to 4,000 litres and the honest tax paying and law abiding citizens money is spent to treat or to facilitiate the sewerage fro the violators or illegal buildings.
Severe penal action must be initiated against all the illegal or unauthorized buildings to stop the sewage to be let out in communal sewage and illegal drawing of power from the bescom lines, which interrupt the supply to the legitimate building owners.
BESCOM, must also initiate measures to penalize the illegal and unauthorized buildings, for which the power connection is provided. The power connection is provided on the legitimate approved building plan and the actual construction is twice the approved plan, the illegal buildings or house owners draw more power from the BESCOM, thus disrupting the regular power supply.
A Press report on the purchase Benami Properties and its consequences.
Even though, the present seller may not be the original BENAMIDAR, but, if the property has tabs, tags, links, precedence, connection, transaction and illegalities, BENAMIDAR OR if it is a benami property, DO NOT BUY IT.
A Chartered Accountant during the course of a meeting advised the buyers that even if the property has changed several hands, it must not be BOUGHT or avoid any transaction with such groups or properties for the safety and security. The banks on the otherhand, will sanction loans or approve the projects for any and every type of properties, but the buyers must beware.
Approval of projects or sanction of loans DOES NOT CONFER ANY RIGHT, TITLE AND INTEREST and it is issued with all and every sort of sundry condition and is issued at the insistence of the developer. It is NOTHING BUT A MARKETING TRICK, to appease or trap the buyers.
A PRESS REPORT IN PRAJAVANI NEWSPAPER.