Enforcement Directorate has begun attaching Madhu Koda and his friends’ properties, mostly flats and land in Bihar, Jharkhand and Maharashtra, valued at over Rs 300 crore. Armed with an April 6 approval order from the adjudicating authority for cases under the Prevention of Money Laundering Act (PMLA), the directorate is sticking to the higher valuation even though 2007 revenue department assessments pegged the properties’ worth at around Rs 130 crore. “This is...
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Moneylaundering watchdog to track all realty deals by Deepshikha Sikarwar
All real estate transactions will have to be reported to the country's anti- moneylaundering agency once the government amends a key law that seeks to curb black-money transactions. The government plans to amend the Prevention of Money Laundering Act , which will require property registrars to file data of transactions recorded by them with the Financial Intelligence Unit, or FIU, a finance ministry official said. "The scope of the (Prevention...
More »Government to issue biometric PAN cards to taxpayers
The gap between PAN holders and the number of returns filed was 617.1 lakh Biometrics uses biological method to identify physical features of an individual The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry, in the wake of a Comptroller and Auditor General (CAG) report that asked the Income...
More »The problem with the Jan Lokpal bill & Hunger Strikes by Sridhar Swaminathan
Anna Hazare and his supporters appear to have come to an agreement with the central government over forming a joint committee to draft the Lokpal bill. We can all agree that corruption in India is a cancer eating away at the very core of the nation. Amidst the frenzied coverage of the hunger strike, and the exclamations of support for Hazare on social networks, there has been scant discussion of...
More »Govt to issue biometric PAN cards
The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the finance ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the income tax department to ensure that a single tax payer is not issued multiple cards. The proposed new biometric Permanent Account Number...
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