Note ban can't stop future blackmoney flow: Assocham

January 17, 2017

New Delhi, Jan 17: Demonetisation may wipe out the present stock of black money held in cash from the economy but cannot eliminate the ill-gotten wealth converted into assets such as gold and real estate, Assocham said today. However, the industry body has suggested measures like lowering stamp duty on property transactions to tackle the menace.

blackmoney
"Invalidating existing high-denomination notes addresses the stock of black money but does little to address future flows. Eliminating such flows will require further reforms like lowering stamp duty on property transactions, electronic registration of real estate etc," the Assocham study said. Moreover, it said, indications that most of the scrapped currency has returned to the banking system through right or wrong means do suggest that demonetisation may not even fully wipe out the existing stock of ill-gotten cash.

"To that extent, even our study may turn out to be ambitious if the tax authorities are not able to trace the money laundered through different accounts. Given the resource constraints with the tax authorities, carrying out such an exercise for identification of laundered money may be a herculean task," Assocham Secretary General D S Rawat said. The study pointed out that high denomination currency withdrawal is not without some inherent problems.

"It is very difficult to separate black money from white money because distinction is not once-and-for-all. White money used to purchase something becomes black if the shopkeeper does not pay sales tax," the study noted, adding that much of conspicuous consumption is paid for in unaccounted money, which, in the hand of the recipients can again become perfectly legal income. Ultimately, the problem of undisclosed incomes and wealth has to be tackled at the source, Assocham highlighted.

"Government must reduce the opportunity and incentives for unaccounted transactions by narrowing the gap between the market value and the one fixed by the government agencies for different levies like stamp duty etc," Rawat said. Further, in order to check the menace of black money, the chamber suggested measures, which include reducing discretionary powers of officers by framing rules and laws clearly and not leaving them to individuals' interpretation.

"Ironically, several of our laws are badly drafted and framed, leaving scope for official discretion. The problem in a way starts here," the chamber said. A strong political will would be required to deal with this issue and bureaucrats drafting the proposed legislations should be clearly instructed not to leave any grey areas, it added.

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News Network
January 9,2025

Udupi: In a shocking case of cyber fraud, a 38-year-old woman from Karkala in Udupi district, has reportedly lost Rs 24 lakh to a digital arrest scam. The victim, Preema Sheril D'Souza, fell prey to a fraudulent scheme orchestrated through fake calls and threats.

According to the complaint filed, the incident unfolded on Tuesday when Preema received a call at 12:30 pm from an individual claiming to represent the Delhi Telecom Department. The caller alleged that another SIM card had been purchased using her Aadhaar number and was being used for illegal activities in Uttar Pradesh, leading to multiple cases being registered against her.

To add credibility to the scam, the caller arranged a video call where a person dressed as a police officer introduced himself as a CBI official. This individual instructed her to cooperate with the "investigation" and warned her not to disclose the matter to anyone. The scammer also issued threats, claiming that harm would come to her husband and child if she failed to comply.

Under duress, Preema was coerced into sharing her bank account details and transferring a staggering Rs 24 lakh to accounts specified by the fraudsters. She transferred Rs 14 lakh to an account in Federal Bank and Rs 10 lakh to an account in Yes Bank via RTGS from her Fixed Deposit account. The threats of an arrest warrant further pressured her into complying with the scammers' demands.

Upon realizing the fraud, she reported the incident to the authorities. A case has since been registered at the Karkala Rural Police Station, and investigations are underway.

This incident serves as a critical reminder to stay vigilant against such scams. Individuals are advised to verify the identity of callers and refrain from sharing sensitive information or transferring money without proper authentication. If you encounter similar fraudulent activities, report them immediately to the police or cybercrime cell.

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coastaldigest.com news network
January 16,2025

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Mangaluru, Jan 16: In an unimaginable twist of fate, the vibrant life of 19-year-old K Ahmed Shaheem was abruptly cut short on the evening of January 15, as he collapsed and passed away while enjoying a game of badminton with friends at Falnir, Mangaluru.

Shaheem, the beloved son of Shareef, originally from Addoor and currently residing at Ivory Tower, Attavar, Mangaluru, was in the prime of his youth. 

A student pursuing his graduation at a local private college, Shaheem had a bright future ahead, filled with dreams and ambitions. His sudden death has left family, friends, and the entire community in shock and grief.

Witnesses recount the heart-wrenching moment when Shaheem, in the middle of an energetic game, suddenly fell to the ground. His friends, devastated by the sight, rushed him to the hospital in the hope of saving his life. But tragically, doctors confirmed that he had passed away by the time he arrived.

Shaheem was not only a student, but also a passionate individual deeply involved in various social organizations, where he touched many lives with his kindness and commitment. His sudden departure has left a void that can never be filled, and his memory will remain forever etched in the hearts of all who knew him.

As his family mourns the loss of their precious son, the community stands in solidarity, deeply moved by the untimely loss of a young life that had so much promise.

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News Network
January 8,2025

Bengaluru: In a sweeping anti-corruption operation, the Karnataka Lokayukta conducted simultaneous raids on the properties of eight government officials across eight districts on Wednesday. The raids, part of ongoing investigations into disproportionate assets cases, targeted over 20 locations linked to these officials.

According to Lokayukta sources, the coordinated operation spanned Bengaluru, Mandya, Bidar, Belagavi, Tumakuru, Gadag, Ballari, and Raichur. Properties of the following officials were under scrutiny:

Shobha – Joint Commissioner, Bengaluru Transport Department

S. N. Umesh – Health and Family Welfare Officer, Kadur

Ravindra – Inspector, Minor Irrigation and Groundwater Development Sub-Division, Bidar

Prakash Sridhar Gaikwad – Tahsildar, Khanapur

S. Raju – Retired RTO Officer, Tumakuru

Huchesh alias Huchappa – Assistant Executive Engineer, Gadag Municipality

R. H. Lokesh – Welfare Officer, Backward Class Department, Ballari

Huliraja – Junior Engineer (Electric), Raichur

Lokayukta officials are thoroughly examining documents, assets, cash, and other valuables found during the raids.

This operation is the Lokayukta’s first major crackdown in 2025. Notably, on December 12, the watchdog had unearthed disproportionate assets worth Rs 48.55 crore in raids on properties belonging to 10 government officials.

The Lokayukta’s intensified efforts signal its commitment to curbing corruption and ensuring accountability among government officials.

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