Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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    <h1 class="cat-box-title">Anti-corruption campaigns: Flow of unaccounted money from politicians, businessmen may get disrupted by Ravi Teja Sharma</h1>
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                            <br /><div align="justify">The anti-corruption campaigns that has brought politicians and businessmen under the scanner-especially their links with the builder community being exposed in recent scams-has got the real estate sector worried. A number of industry insiders and sleuths have confirmed that the flow of unaccounted money (or black money) in the system, a big source of funding for the sector facing funds crunch, will get disrupted.<br /><br />An unhealthy nexus between builders and politicians as well as businessmen is the source of a considerable amount of black money in the system, say industry watchers. These politicians and businessmen are believed to use real estate to park black money. Even individuals looking at buying homes are willing or unwillingly forced to transact in black a number of times as there is a vast difference between government specified rate in an area compared to the real rate of a property, putting the black money component in many transactions between 50-60 %.<br /><br />According to estimates provided by the former joint director of CBI, BR Lall in his 2010 book Financial Terrorism : Black Money and India's Traitor Elite, the size of the construction industry is close to 12.1% of India's current GDP of $1.8 trillion. Of this, about 60% or about $100 billion would be in black economy. &quot;For a lot of developers, the developments like Jan Lokpal bill are not favourable . They can expect more trouble if it goes through,&quot; says Anupama Jha, executive director at Transparency International India, a global civil society organisation. Most parts of the real estate business see black money transactions, including buying land, materials and getting approvals on the developers side and buying a house on the consumers side.<br /><br />&quot;An effective lokpal bill might not be the panacea for all our problems but it will certainly bring down corruption and black money,&quot; says Deepankar Sanwalka, head, forensics at KPMG India. The bill is expected to bring the money flow from political and other circles under greater scrutiny. Today, the realty sector has become one of the largest and most lucrative options for speculative investments. &quot;It is the best way to park cash that has been generated through corruption and tax evasion. Such large sums can only be accommodated in real estate,&quot; adds Sanwalka .<br /><br />While the use of black money is widespread, it is more prevalent among smaller players, who have little access to bank or PE funding. In the absence of these sources, smaller developers are forced to access the parallel economy for the needs. <br /></div>                                                           
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    <br><a href="http://economictimes.indiatimes.com/markets/real-estate/news-/anti-corruption-campaigns-flow-of-unaccounted-money-from-politicians-businessmen-may-get-disrupted/ar" class="re" target="_blank">The Economic Times, 25 August, 2011, http://economictimes.indiatimes.com/markets/real-estate/news-/anti-corruption-campaigns-flow-of-unaccounted-money-from-politicians-businessmen-may-get-disrupted/ar</a><div class="clear"></div>
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    <h1 class="cat-box-title">Anti-corruption campaigns: Flow of unaccounted money from politicians, businessmen may get disrupted by Ravi Teja Sharma</h1>
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                            <br /><div align="justify">The anti-corruption campaigns that has brought politicians and businessmen under the scanner-especially their links with the builder community being exposed in recent scams-has got the real estate sector worried. A number of industry insiders and sleuths have confirmed that the flow of unaccounted money (or black money) in the system, a big source of funding for the sector facing funds crunch, will get disrupted.<br /><br />An unhealthy nexus between builders and politicians as well as businessmen is the source of a considerable amount of black money in the system, say industry watchers. These politicians and businessmen are believed to use real estate to park black money. Even individuals looking at buying homes are willing or unwillingly forced to transact in black a number of times as there is a vast difference between government specified rate in an area compared to the real rate of a property, putting the black money component in many transactions between 50-60 %.<br /><br />According to estimates provided by the former joint director of CBI, BR Lall in his 2010 book Financial Terrorism : Black Money and India's Traitor Elite, the size of the construction industry is close to 12.1% of India's current GDP of $1.8 trillion. Of this, about 60% or about $100 billion would be in black economy. &quot;For a lot of developers, the developments like Jan Lokpal bill are not favourable . They can expect more trouble if it goes through,&quot; says Anupama Jha, executive director at Transparency International India, a global civil society organisation. Most parts of the real estate business see black money transactions, including buying land, materials and getting approvals on the developers side and buying a house on the consumers side.<br /><br />&quot;An effective lokpal bill might not be the panacea for all our problems but it will certainly bring down corruption and black money,&quot; says Deepankar Sanwalka, head, forensics at KPMG India. The bill is expected to bring the money flow from political and other circles under greater scrutiny. Today, the realty sector has become one of the largest and most lucrative options for speculative investments. &quot;It is the best way to park cash that has been generated through corruption and tax evasion. Such large sums can only be accommodated in real estate,&quot; adds Sanwalka .<br /><br />While the use of black money is widespread, it is more prevalent among smaller players, who have little access to bank or PE funding. In the absence of these sources, smaller developers are forced to access the parallel economy for the needs. <br /></div>                                                           
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    <br><a href="http://economictimes.indiatimes.com/markets/real-estate/news-/anti-corruption-campaigns-flow-of-unaccounted-money-from-politicians-businessmen-may-get-disrupted/ar" class="re" target="_blank">The Economic Times, 25 August, 2011, http://economictimes.indiatimes.com/markets/real-estate/news-/anti-corruption-campaigns-flow-of-unaccounted-money-from-politicians-businessmen-may-get-disrupted/ar</a><div class="clear"></div>
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    <h1 class="cat-box-title">Anti-corruption campaigns: Flow of unaccounted money from politicians, businessmen may get disrupted by Ravi Teja Sharma</h1>
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                            <br /><div align="justify">The anti-corruption campaigns that has brought politicians and businessmen under the scanner-especially their links with the builder community being exposed in recent scams-has got the real estate sector worried. A number of industry insiders and sleuths have confirmed that the flow of unaccounted money (or black money) in the system, a big source of funding for the sector facing funds crunch, will get disrupted.<br /><br />An unhealthy nexus between builders and politicians as well as businessmen is the source of a considerable amount of black money in the system, say industry watchers. These politicians and businessmen are believed to use real estate to park black money. Even individuals looking at buying homes are willing or unwillingly forced to transact in black a number of times as there is a vast difference between government specified rate in an area compared to the real rate of a property, putting the black money component in many transactions between 50-60 %.<br /><br />According to estimates provided by the former joint director of CBI, BR Lall in his 2010 book Financial Terrorism : Black Money and India's Traitor Elite, the size of the construction industry is close to 12.1% of India's current GDP of $1.8 trillion. Of this, about 60% or about $100 billion would be in black economy. &quot;For a lot of developers, the developments like Jan Lokpal bill are not favourable . They can expect more trouble if it goes through,&quot; says Anupama Jha, executive director at Transparency International India, a global civil society organisation. Most parts of the real estate business see black money transactions, including buying land, materials and getting approvals on the developers side and buying a house on the consumers side.<br /><br />&quot;An effective lokpal bill might not be the panacea for all our problems but it will certainly bring down corruption and black money,&quot; says Deepankar Sanwalka, head, forensics at KPMG India. The bill is expected to bring the money flow from political and other circles under greater scrutiny. Today, the realty sector has become one of the largest and most lucrative options for speculative investments. &quot;It is the best way to park cash that has been generated through corruption and tax evasion. Such large sums can only be accommodated in real estate,&quot; adds Sanwalka .<br /><br />While the use of black money is widespread, it is more prevalent among smaller players, who have little access to bank or PE funding. In the absence of these sources, smaller developers are forced to access the parallel economy for the needs. <br /></div>                                                           
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    <br><a href="http://economictimes.indiatimes.com/markets/real-estate/news-/anti-corruption-campaigns-flow-of-unaccounted-money-from-politicians-businessmen-may-get-disrupted/ar" class="re" target="_blank">The Economic Times, 25 August, 2011, http://economictimes.indiatimes.com/markets/real-estate/news-/anti-corruption-campaigns-flow-of-unaccounted-money-from-politicians-businessmen-may-get-disrupted/ar</a><div class="clear"></div>
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Anti-corruption campaigns: Flow of unaccounted money from politicians, businessmen may get disrupted by Ravi Teja Sharma

Published on Aug 26, 2011   Modified on Aug 26, 2011

The anti-corruption campaigns that has brought politicians and businessmen under the scanner-especially their links with the builder community being exposed in recent scams-has got the real estate sector worried. A number of industry insiders and sleuths have confirmed that the flow of unaccounted money (or black money) in the system, a big source of funding for the sector facing funds crunch, will get disrupted. An unhealthy nexus between builders and politicians as well as businessmen is the source of a considerable amount of black money in the system, say industry watchers. These politicians and businessmen are believed to use real estate to park black money. Even individuals looking at buying homes are willing or unwillingly forced to transact in black a number of times as there is a vast difference between government specified rate in an area compared to the real rate of a property, putting the black money component in many transactions between 50-60 %. According to estimates provided by the former joint director of CBI, BR Lall in his 2010 book Financial Terrorism : Black Money and India's Traitor Elite, the size of the construction industry is close to 12.1% of India's current GDP of $1.8 trillion. Of this, about 60% or about $100 billion would be in black economy. "For a lot of developers, the developments like Jan Lokpal bill are not favourable . They can expect more trouble if it goes through," says Anupama Jha, executive director at Transparency International India, a global civil society organisation. Most parts of the real estate business see black money transactions, including buying land, materials and getting approvals on the developers side and buying a house on the consumers side. "An effective lokpal bill might not be the panacea for all our problems but it will certainly bring down corruption and black money," says Deepankar Sanwalka, head, forensics at KPMG India. The bill is expected to bring the money flow from political and other circles under greater scrutiny. Today, the realty sector has become one of the largest and most lucrative options for speculative investments. "It is the best way to park cash that has been generated through corruption and tax evasion. Such large sums can only be accommodated in real estate," adds Sanwalka . While the use of black money is widespread, it is more prevalent among smaller players, who have little access to bank or PE funding. In the absence of these sources, smaller developers are forced to access the parallel economy for the needs.

The Economic Times, 25 August, 2011, http://economictimes.indiatimes.com/markets/real-estate/news-/anti-corruption-campaigns-flow-of-unaccounted-money-from-politicians-businessmen-may-get-disrupted/ar

Tagged with: black money

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