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Operation Clean Money, Phase II: 60,000 accounts to be investegated



indian currency

New Delhi, April 14: The second phase of the ‘Operation Clean Money’ to detect black money was launched on Friday and under the radar of Income Tax department are over 60,000 individuals.

Post demonetization, the Central Board of Direct Taxes (CBDT) has said that it has detected undisclosed income over Rs 9,334 crore between the period of November 9, 2016 till February 28 this year.

“More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period. More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations (under Operation Clean Money II),” said CBDT sharing the crackdown on undisclosed income.

Further the IT department has made it clear that all cases where response is not received shall be subjected to detailed enquiries.

Reportedly the department has used advanced data analytics to identify unaccounted cash deposits and the four phase of operation clean money was launched based on the data recieved.

The first phase of the Clean Money Operation was launched on January 31 , one month after the noteban window was closed. In this phase the IT department had sent online queries to investigate 17.92 lakh persons. As much as 9.46 lakh persons responded to the queries raised by IT department.

Wefornews Bureau


Dubai’s Meraas eyes Indian buyers for premium residences



Dubai's Meraas Residence at Bluewaters Photo Credit :

Hyderabad: Property investors and high net worth Indians can now own premium residences in Dubai with Meraas, a Dubai-based holding company, marketing its new venture ‘Bluewaters’ in India through Australia’s Raine & Horne.

The company at its roadshows in Hyderabad, Delhi and Mumbai is offering a flexi payment plan for those looking to buy the residential units in the project coming up on manmade island off the Jumeirah beach residence coastline in Dubai.

The project comprises 698 one to four bedroom apartments, four penthouses and 17 villas with price ranging from about Rs 3.5 crore (for a one-bed room apartment) to Rs 70 crore (penthouse).

Raine & Horne, a global services company based in Australia, will begin the marketing in India with first roadshow here on March 25 and 26.

Sanjay Chimnani, Managing Director of Raine and Horne Dubai told reporters that they expect to sell 100 units at the roadshows in the three cities.

“This is high-end big size products priced reasonably. We are targeting all those who can afford to pay Rs 75 lakh upfront,” he said.

The company is offering four-year payment plan with zero percent interest. The customers can book the units by paying 10 percent of the cost. They have to pay another 10 percent at the time of delivery in October and 5 percent every four months.

With 9 to 10 percent growth in rental income, the investors can pay the installment with their earnings from the rent, he said.

Indians in Dubai are among biggest foreign investors in Dubai’s real estate. Quoting Dubai’s land records department, he said people of Indian nationality purchased real estate worth Rs 30,000 crore in 2017, up from about Rs 22,000 crore the previous year.

“This number is going to grow further with Dubai’s population expected to be doubled by 2030,” he said.

The freehold area, where expatriates are allowed to buy property, has 250,000 units while another 170,000 are expected to be added in next five years.


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Equity indices open lower, Nifty50 slips below 10k mark




Mumbai, March 23: Key Indian equity indices on Friday opened on a subdued note following a global sell-off, with the Nifty50 of the National Stock Exchange (NSE) slipping below the 10,000-level.

At 9.16 a.m., the Nifty50 — which opened at 9,968.80 points — declined by 120.20 points or 1.19 per cent to trade at 9,994.55 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32650.89 points, traded at 32641.91 points — down 364.36 points or 1.10 per cent from the previous session’s close.

The BSE market breadth was bearish with 1,398 declines and 122 advances.

Heavy selling pressure was observed across all sectors led by banking, metals, auto, capital goods and consumer durables stocks.

On Thursday, negative cues on the back of global protectionist measures, higher interest rates in the US and hike in crude oil prices, along with selling pressure in banking, auto and capital goods stocks depressed the key indices.

The Nifty50 fell by 40.50 points or 0.40 per cent to close at 10,114.75 points while the Sensex closed at 33,006.27 points — down 129.91 points or 0.39 per cent.


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Equities close lower on global cues, selling pressure



Mumbai, March 22: Key Indian equity indices provisionally closed on a lower note on Thursday as negative European markets, along with selling pressure in banking, auto and capital goods stocks, suppressed investors’ sentiments.

The key indices had opened on a higher note after the US Federal Reserve raised the benchmark interest rate by 25 basis points, signalling two more rate hikes in 2018.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 40.50 points or 0.40 per cent to provisionally close at 10,114.75 points (at 3.30 p.m.).

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,206.99 points, closed at 33,006.27 points — down 129.91 points or 0.39 per cent from the previous session’s close.

The Sensex touched a high of 33,281.77 points and a low of 32,963.31 points during the intra-day trade.

The BSE market breadth was bearish with 2,010 declines and 709 advances.

On Wednesday, value buying pushed the key indices higher even as some gains were ceded on caution ahead of the US Federal Reserve’s FOMC (Federal Open Market Committee) meet.

The Sensex closed the day’s trade at 33,136.18 points — up 139.42 points or 0.42 per cent — while the Nifty50 gained 30.90 points, or 0.31 per cent, to close at 10,155.25 points.


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