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Operation Clean Money: Crackdown begi...

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Andhrawala
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Posted on Tuesday, January 31, 2017 - 02:39 pm:       


Abhysg:



Anna...500rs deposit ni mallee offer chrestamannaru...Any idea epudu untundi?




I found some 18000 rs in 500 old notes

desam lo andharu maarchinaaru kathaa
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Sesani
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Posted on Tuesday, January 31, 2017 - 02:39 pm:       

My dear Dbers.. going forward read such threads... desam la em ayitundo up to date undaale inka..
 

Andhrawala
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Posted on Tuesday, January 31, 2017 - 02:38 pm:       


Bharateeyudu:

noticelu lite...andulo kaneesam 0.1% mandini aynaa bokkalo veyyamanu appudu soodham..




Mallya ni, Jagan ni bokka lo veyakundaaa Okkaaa Mango langodi ni bokka lo vesinaa ragthaalu paaruthaaayii
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Teluguhero
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Posted on Tuesday, January 31, 2017 - 02:33 pm:       


Andhrawala:

Inkaa Mallya gaadni venakki theesukuraaledhu kaani desam lo lanchagondla meedha paduthunnaaadu




http://www.ndtv.com/india-news/process-to-bring-back-vijay-m allya-from-uk-begins-today-with-cbi-affidavit-1654572

Process To Bring Back Vijay Mallya From UK Begins With CBI Affidavit

NEW DELHI: The process to extradite business tycoon Vijay Mallya - who is living in the United Kingdom -- started today with the Central Bureau of Investigation filing an affidavit in court saying he is a wanted criminal. The move came days after the agency filed a chargesheet against the liquor baron in the Rs. 900 crore IDBI loans case. The affidavit will be submitted to the foreign ministry, which will then approach its UK counterparts for the extradition.

Mr Mallya has been charged with cheating and conspiracy for defaulting on a 900 crore taken from the IDBI bank in 2009. The CBI said Rs. 250 crore of the IDBI loan, meant to buy aircraft parts for his Kingfisher Airlines, was diverted outside the country. The 1000-page chargesheet, filed in a Mumbai court on January 24, also said Mr Mallya is an absconder.

After the chargesheet was filed, Mr Mallya tweeted that there was a witch-hunt against him and that he never misused the money.





Wanted in a series of loan default cases, Mr Mallya has been living in the UK since April - he has called it a "forced exile". Although there is a non-bailable arrest warrant against him and his passport has been revoked, he has not appeared in front of the investigative agencies that are probing the loan default cases against him.

Mr Mallya went to Britain in March last year, as a consortium of banks were trying a recover nearly Rs. 9,000 crore given as loans to Kingfisher Airlines, which had stopped flying in 2012.
 

Sachin
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Posted on Tuesday, January 31, 2017 - 02:05 pm:       

monna 100s of croes of new notes tho dorikinollani ..scams chesina bank managers ni emi pekakapotheee samadhi chestharu next elections lo.....
middle nunchi lower class varaku andarineee torture chesi manodi peekindedo so far i don't know
 

Abhysg
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Posted on Tuesday, January 31, 2017 - 01:45 pm:       


Rajusk:




Anna...500rs deposit ni mallee offer chrestamannaru...Any idea epudu untundi?
 

Rajusk
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Posted on Tuesday, January 31, 2017 - 01:23 pm:       


Andhrawala:

Inkaa Mallya gaadni venakki theesukuraaledhu kaani desam lo lanchagondla meedha paduthunnaaadu Beedi gaaduuu




Mallya ki loan ichina IDBI aapicers already andar hai..so vaadi time kooda vasthundi
 

Bharateeyudu
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Posted on Tuesday, January 31, 2017 - 12:59 pm:       

noticelu lite...andulo kaneesam 0.1% mandini aynaa bokkalo veyyamanu appudu soodham..
 

Andhrawala
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Posted on Tuesday, January 31, 2017 - 12:57 pm:       

enti no giraaki?

18 lakhs people ki notices antaaa

Inkaa Mallya gaadni venakki theesukuraaledhu kaani desam lo lanchagondla meedha paduthunnaaadu Beedi gaaduuu
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Teluguhero
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Posted on Tuesday, January 31, 2017 - 10:18 am:       

http://www.thestatesman.com/business/modi-pegs-gdp-growth-at -6-75-7-5-in-fy18-economic-survey-1485863591.html

Modi pegs GDP growth at 6.75%-7.5% in FY18: Economic Survey

India's economy is set to expand at least 6.75 per cent this year, still making it among the fastest growing nations globally, even though the recent demonetization poses a risk to total output, the Economic Survey said on Tuesday.

The document, tabled in parliament, is a precursor to the Union Budget and details the economic achievements of the government in the past year. It is read out by President Pranab Mukherjee and authored by Chief Economic Adviser Arvind Subramanian.

``There was robust economic stability in the last one year,'' Subramanian told reporters. ``India weathered the foreign currency redemption and successfully waded through volatility caused by the US Presidential elections and by the demonetization.''

In a shock move in early November, Prime Minister Narendra Modi removed the legal tender status of the 1,000 rupee and 500 rupee notes in a bid to curtail illicit cash in the economy. The surprise move sucked out 86 per cent of the $360 billion currency float and derailed economic demand from across the economy as citizens focussed on curtailing discretionary spending.

Modi ordered all such notes to be deposited back into the banking system and placed strict limits on cash withdrawals from banks. He popularised digital payments that can be tracked. Demand has since then made a comeback and cash restrictions eased on some types of accounts. The economic impact of demonetization is yet to be calculated although estimates range from a loss of between 0.25-2 per cent of GDP.

The survey said the economy's remonetization would benefit the government and the Reserve Bank of India in the longer term as the unreturned cash would be extinguished from the liability side of the balance sheet. Overall, the document accepted that the sudden removal of cash caused job losses in the farm sector and the short-term benefits of liquidity withdrawal remained uncertain.

Subramanian emphasised the government had embarked on a process of steady fiscal consolidation as robust macro parameters such as record foreign exchange reserves and a falling current account deficit helped shore up the economic balance sheet.

The survey also highlighted two risks to India's economic ascendancy -- rising global crude oil prices and the increase in global trade tensions between opposing economic blocks. India imports nearly 70 per cent of its fuel needs and that bill is the largest import item on the budget. Global prices of crude oil have nearly doubled to $53 barrel in the past one year. Should crude oil go even higher, it could cap the RBI's ability to cut interest rates, the survey warned.

The document also flagged a cautionary note by indicating that expectations of a windfall in tax revenues due to the planned introduction of the Goods And Service Tax should be kept to bare minimum. The GST Tax is India's most ambitious reform and is likely to come into effect from September.

The survey floated a balloon on providing universal basic income for all citizens but fell short of recommending its introduction immediately. The document said its roll out would be challenging but the basic economic survival would ensure that the excluded poor would be benefitted immensely. It pegged the cost at between 4-5 per cent of GDP.

The Economic Survey spent considerable time on bad loans plaguing the banking sector. 13 banks with 40 per cent of loans outstanding were ``severely stressed'' and it nudged the RBI to use its excess cash to recapitalise PSU banks. In fact, the document suggested that any windfall gain from the note ban should be used to recast assets in such banks by the RBI which is ``exceptionally highly capitalised.''

The report suggested the government set up a bad bank to hasten the resolution of non performing assets so that their drag on GDP expansion and credit growth is removed.

Highlights of Economic Survey for 2016-17

MACROECONOMY

* See FY18 GDP growth in the range of 6.75-7.50%

* FY17 industrial growth seen 5.2% vs 7.4% FY16

* Rise in oil prices a risk to FY18 GDP growth forecast

* Rise in global trade tensions risk to FY18 growth

* Outlook for FY18 GST collections must be cautious

* Need to seriously consider universal basic income idea

* Universal basic income cost seen at 4-5% of GDP

* Demonetisation to have short-term costs, long-term gain

* Demonetisation led to job losses, fall in farm income

* RBI balance sheet to shrink post note exchange deadline

* Fall in real estate prices post note ban is desirable

* Lower interest rates in FY18 to boost economy

* Rise in oil prices may reduce scope for monetary easing

* Govt-backed bad bank to hasten NPA resolution

* 13 banks with 40% of India loans "severely stressed"

* Need decisive NPA resolution to avoid drag on growth

* RBI currently "exceptionally highly capitalised"

* Recommend labour, tax reforms for leather, apparel secto
 

Teluguhero
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Posted on Tuesday, January 31, 2017 - 10:03 am:       

http://zeenews.india.com/personal-finance/operation-clean-mo ney-crackdown-begins-18-lakh-people-to-get-it-notice-if-depo sits-dont-match-income_1972276.html

Operation 'Clean Money': Crackdown begins; 18 lakh people to get IT notice if deposits don't match income

New Delhi: The Income Tax department has identified 18 lakh people who have made 'suspicious' cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds.

These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.

The department today launched 'Operation Clean Money' project under which CBDT, with data analysis and profiling of assessees, will send e-communications to people whose cash deposits post November 8 note ban do not match their income.

"Operation Clean Money/Swachh Dhan Abhiyan is a programming software which will be used to get answers on all the deposits made and after preliminary answers from the people. Then only, if need be, we would take legal action against those people," Revenue Secretary Hasmukh Adhia said.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said 10 days' time would be given to people to reply to the e-communication and replies can be filed by logging on to the e-filing portal of the Income Tax department.

"In the initial phase, we are putting data of those persons who have deposited Rs 5 lakh or more and deposits between Rs 3 lakh and Rs 5 lakh of suspicious nature and who have poor tax compliance after November 8," Chandra said.

Initially, this will cover 18 lakh tax payers whose data will be uploaded on e-filing portal. These people while filing reply have to explain to tax department the sources of deposit.

Chandra said that tax department has compiled huge data which shows that there are over 1 crore accounts where above Rs 2 lakh money have been deposited and involves unique PAN of 70 lakh persons.

"We have compared these vast data with the income profile, turnover and the various other particulars of income available in the income tax data bank. In the first phase where the deposits in account are not matching with our data, we are putting the same on our e-filing portal seeking explanation of source of income," he said.

Chandra said the intention of the scheme is to avoid any harassment to the tax payer, they need not come to office and online verification would be completed.

"Swachh Dhan Abhiyan is a continuous exercise to widen and deepen the tax base. All the accounts in which money has been deposited will be tracked and we have hired the data analytics and we will identify the ultimate beneficiaries even in layered accounts," he said.

Adhia said Operation Clean Money will ensure there is no physical contact between the assessee and the tax department officials as questions will be asked online.

"People have been fearing there will be Inspector Raj as tax department will have data about all the deposits. But, the new programing software will enable e-verification of all bank deposits during the period of demonetisation," he said.

The initial phase of the operation involves e-verification of large cash deposits made from November 9 to December 30, 2016.

"Initially this will cover 18 lakh tax payers whose data will be uploaded on e-filing portal. No source of deposit will be asked from small taxpayers who have genuine compliant savings," Chandra said.

Data analytics has been used for comparing the demonetisation data with information in databases. In the first batch, around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer's profile, CBDT said in a statement.

The tax department has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources.

A detailed user guide and quick reference guide has also been made available on the e-filing portal to assist the taxpayer in submitting online response.

In case of any difficulty in submitting online response, help desk can be reached at 1800-4250-0025, CBDT said.

Data analytics will be used to select cases for verification, based on approved risk criteria. If the case is selected for verification, request for additional information and its response will also be communicated electronically.

"The response of taxpayer will be assessed against available information. In case explanation of source of cash is found justified, the verification will be closed without any need to visit Income Tax Office," it added.

The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

The tax amnesty scheme PMGKY provides for 50 per cent tax on income being disclosed and also parking of a quarter of such income in a zero-interest bearing bond for four years.

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