Bharat Rakshak

The sources also revealed that after demonetization, the department found that these businessmen had accepted huge amounts of banned currency notes of Rs 500 and Rs 1,000 denominations from their customers, and sold them gold at Rs 50,000 per 10g. To deposit this cash in old notes in their bank accounts, these businessmen made backdated sale entries into their books. To conceal the identity of their customers who exchanged their old notes, these jewellers made entries in the names of fictitious persons.

Giving more info about their modus operandus, a senior IT official posted in Chandigarh said, "Not even a single bill of sales shown by these jewellers exceeded Rs 2 lakh. It was done so because as per law, they (jewellers) are supposed to collect the PAN number of the customer, and also charge one per cent tax collected at source (TCS). Obviously, they wanted to hide the identity of their buyers and evade TCS as well. These businessmen were also found to have made huge unaccounted investments in immovable properties, including in some recently constructed hotels. Considering the fact that the bank accounts were opened in the name of fictitious persons, we are also investigating the role of some bankers."

The raids followed after the department checked details of the bank account under the names of these petrol pumps, which showed higher sale of fuel during demonetization. While one petrol pump owner deposited an undisclosed amount under Pradhan Mantri Gareeb Kalyan Yojana, the other owner still has to meet the officials.

"Also, the owner of Jai Durga petrol pump, Umesh Kumar, has accepted that undeclared money was stashed in the bank account. We cannot disclose the amount that he has accepted to be undeclared but the amount has been deposited in Pradhan Mantri Gareeb Kalyaan Yojana," said Jain.

A_Gupta wrote:Rumor-level item deleted.

Replacement news-item:
http://www.thehindu.com/business/Econom ... 834467.ece

The Centre is examining a proposal from the Reserve Bank of India (RBI) to introduce ₹200 denomination currency notes to improve the cash situation, top central banking sources told The Hindu.

According to the sources, a smaller denomination note will improve liquidity

ShauryaT wrote:Can we not spread rumors on this board. Thanks.

A_Gupta wrote:Rumor-level item deleted.

Replacement news-item:
http://www.thehindu.com/business/Econom ... 834467.ece

The Centre is examining a proposal from the Reserve Bank of India (RBI) to introduce ₹200 denomination currency notes to improve the cash situation, top central banking sources told The Hindu.

According to the sources, a smaller denomination note will improve liquidity

SaraLax wrote:

ShauryaT wrote:Can we not spread rumors on this board. Thanks.

Rumour droppings are indeed allowed .. but people who do it will have to clean them up afterwards when it is rightly shown as crap.

Finance Minister Arun Jaitley on Friday said that after the November 8 demonetisation, around 18 lakh bank accounts have been found where the amounts deposited do not match the income profile of the account holder. Replying to questions in the Lok Sabha, Jaitley said data mining was used to find such accounts.

“To see if Jan-Dhan accounts and dormant accounts were misused after demonetisation, we are extensively doing data mining. We are concentrating on those who deposited big amounts,” Jaitley said.

“There are around 18 lakh such examples in which income profile and account profile do not match. Preliminary information has been sought. Some have given the information, while those who have not will get notice as per law,” the minister said.

Jaitley, in his budget speech, had said that between November 8, when demonetisation of Rs 500 and Rs 1,000 notes was announced, and December 30, deposits between Rs 2 lakh and Rs 80 lakh were made in about 1.09 crore accounts with an average deposit size of Rs 5.03 lakh.

ShauryaT wrote:

SaraLax wrote:
Rumour droppings are indeed allowed .. but people who do it will have to clean them up afterwards when it is rightly shown as crap.

But why the harsh words. A_Gupta has been a long time poster. Anyone can make a mistake, no?

ashbhee wrote:Now that the dust has settled, how much (percentage / value) of the Demonetized notes came back and exchanged for new notes?

Yagnasri wrote:I head there is cash shortage in Hyd City now. ATMs are not having cash is common. Are politicos hoarding up?

prasannasimha wrote:BHIM does not work for me as state bank of Mysore and now current SBI is still not integrated to it.

Yagnasri wrote:

prasannasimha wrote:BHIM does not work for me as state bank of Mysore and now current SBI is still not integrated to it.

That will be the least of the problems due to the merger of SBM with SBI. As the dialogue in 13th Worrier "don't worry little brother. there are more"

One the serious note, you need to look at disconnecting the account or erasing the account fully and try again as a fresh attempt. It is quite possible that the account number is linked to bank ILFS code which now stands changed. I am not aware how this BHIM thing works or other software/App s**t but think that may be the reason. Having involved in this merger a little bit in the side of regulator matters, I can say this should be quite normal except may be for the reason I said. From what I heard the merger shall be seamless as far as software issues are concerned.

MUMBAI: Demonetisation exercise by the government may permanently erode about Rs 1.7 lakh crore worth cash from the system translating into liquidity, according to a report by SBI Research. This would be equivalent to about 1.1% of GDP. It may be difficult to ascribe a reason. “

Our estimates indicate that there would be a permanent liquidity injection of least Rs 1.7 lakh crore or about 1.1% of GDP post demonetization” said S K Ghosh, group chief economic advisor at SBI “ This data is a reflection of the extent of formalization of the economy post demonetization.“

After the December 30, 2016 deadline of depositing banned Rs 500 and Rs 1000 notes with the banks, cash withdrawal has been declining rapidly from a peak of Rs 52800 crore for the week ended January 13,’17 to Rs 32500 crore during the week ended March 24’17. Even in the span of one week between March 7 and March 24, cash withdrawal has declined by Rs 2000 crore, the SBI report said.
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India’s oil consumption fell for a third straight month, with the use of bitumen and naphtha declining and diesel demand growth flat, amid the continuing effects of demonetization.

Total fuel consumption fell 0.7 percent to 17.36 million tons in March, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. That puts consumption during January-March about 3 percent lower than the same period last year as the economy slows under the impact of Prime Minister Narendra Modi’s decision in November to remove high-denomination currency notes from circulation.

A specialised 'risk assessment wing' of the Income Tax Department has prepared a list of 60,000 people, including 1,300 so-called 'high-risk individuals', who are suspected to laundering about Rs 10,000 crore following the demonetization of high-value currency notes announced by Prime Minister Narendra Modi in November last year.

The Friday actions mark the second phase of 'Operation Clean Money', which was launched on January 31, 2017 for e-verification of cash deposits made following demonetization.

According to sources, these people – which included builders, petrol pump owners, bankers and senior government officials – had deposited cash in banks as well as routed it into real estate and gold holdings. These persons deposited devalued Rs 500 and Rs 1,000 notes in a structured manner to mask their real identities between November 9, 2016 and December 30, 2016.

More than 6,000 of the cases being investigated are related to high-value property purchase, while 6,600 are cases of outward remittances.

As the taxman became proactive after demonetization, the number of people being assessed have risen by 80 lakh. "This increases the taxpayers' base in the country by 20%," the chairman of central board of direct taxes (CBDT), Sushil Chandra told TOI.

A_Gupta wrote:http://timesofindia.indiatimes.com/city ... 168075.cms

As the taxman became proactive after demonetization, the number of people being assessed have risen by 80 lakh. "This increases the taxpayers' base in the country by 20%," the chairman of central board of direct taxes (CBDT), Sushil Chandra told TOI.

An analysis of data obtained from banks following demonetization has shown that there were 18 lakh accounts which showed signs of likely tax evasion. These were different case scenarios like huge deposit which was not revealed in the income tax returns. There were accounts which normally had a low balance but had abnormal deposits following the note-ban.
The department has put up a questionnaire on the website specifying different scenarios under which the deposits may have gone up. The persons have been sent SMSes seeking their reply. "If the answers are found reasonable they will be let off. So far 9 lakh have responded. Those who have not responded will not be spared. They will be tracked down and will be facing actions like scrutiny surveys or open inquiry," he said.
Chandra said there was an encouraging response to the Prime Minister Garib Kalyan Yojana (PMGKY) under which unaccounted cash and bank deposits can be disclosed. "A large number of persons have availed of the scheme and the numbers will be declared in due course," said Chandra.

A_Gupta wrote:https://www.bloomberg.com/news/articles ... ation-drag
Lower oil demand in Jan-March 2017 compared to an year before is interpreted as drag on the economy due to demonetization.

India’s oil consumption fell for a third straight month, with the use of bitumen and naphtha declining and diesel demand growth flat, amid the continuing effects of demonetization.

Total fuel consumption fell 0.7 percent to 17.36 million tons in March, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. That puts consumption during January-March about 3 percent lower than the same period last year as the economy slows under the impact of Prime Minister Narendra Modi’s decision in November to remove high-denomination currency notes from circulation.

Some of the largest cash deposits in banks during demonetization were made by 'slum dwellers'. This came out during the field surveys done by the officers of Income Tax department post demonetization. In one case, when I-T officers went to verify the registered address of two brothers who had together deposited Rs 9 crore cash in their bank accounts, they were surprised to learn that the assessees lived in a humble house constructed under Garib Awas Yojana.
And that too amid a slum. The house was found locked and even the neighbours were unable to give any leads about the occupants' whereabouts

Income Tax Department had sent out about 5,000 notices in Ahmedabad to those who made large cash deposits in banks during demonetization. All these individuals had deposited cash much beyond their declared source of income as reflected in their I-T returns. Almost 30% of them, or 1,500 individuals, did not reply. When I-T officers were sent to check their addresses, many of the houses were found locked and located amid slums.

How black money was converted into white
I-T department sources said in all cases where the amount deposited ran into crores, multiple layers of RTGS (Real Time Gross Settlement) transactions were created. The total amount was divided into smaller sums which were then transferred to numerous accounts from the main account, creating a long chain of transactions. "We will ultimately get hold of them but it's a long drawn process," said the officer.

Wrongdoers will be caught in the end
Sanjay Shah, Chartered Accountant, said, "I-T will first try all its sources to track the person with the help of available resources and by investigating the trail of transactions. It will then send multiple notices and summons. If all these fail then it may use the 'Best Judgement Assessment (when I-T officer is not satisfied with accounts submitted by assessee)' under I-T Act to levy ahigher tax rate (unexplained sources of income) and interest and penalty. To recover the tax or penalty, it can even freeze the bank account.

Gus wrote:Bank accounts have kyc stuff and it is not possible to just easily disappear...maybe a few folks but on a mass scale?

The only way mass scale fraud happened in demo was with collusion of bankers.

Karan M wrote:the slum stuff seems crazy. unless the dudes never thought the tax guys will check the address..?

PORVORIM: Chief Minister Manohar Parrikar on Wednesday launched the Goa Government Services Portal and Integration of Property Registration with Mutation – http://www.goaonline.gov.in – in a bid to ensure a transparent delivery system of services and making the process of applying for documents convenient.
With the help of this e-portal, citizens can apply for residence, divergence, domicile, caste, income and matriz certificates, partition of land, sound permissions, Form I and XIV, conversion of land and natural calamity.
Addressing the media, Chief Minister Manohar Parrikar said, “We are working on a roadmap to include more departments and other services that will be provided on this portal. Once the newly introduced services on the portal stabilise operations, we will bring them under the Right to Services Act. In the next couple of days we will also waive off the fees applicable to get the certificates for which the government will come out with a notification in the next two days and by May 22 e-portal will be fully functional.”

“Those who will be applying for these certificates online shall be pardoned while for those who visit the offices to get these certificates shall continue to pay the fees. This service is completely free of cost for those applying online. People can apply for these certificates anytime of the day,” said Parikar.

Parrikar further said that government is also marching towards creating digital lockers for citizens, which can be used to keep this certificate in e-format, that is once the certificate is procured people can save it in their digital locker.

“Once the certificate is procured, you can use the certificate whenever you want and if the state government wants, they too can also pull it out from the locker. To make people familiar with the online process we will open kiosks at certain government offices to help people.”

Revenue Minister Rohan Khaunte stated that the launch of the e-portal services will cut delays and corruption. “First mutation took two years, now it will have to be completed within 90 days with or without objections. This cuts on all other delays and expectations from unwanted sources such as agents,” Khaunte said.

With the introduction of this service, all property documents registered, along with paid e-Challan and application for mutation will be available with the Mamlatdar instantly. Delays involved in sending Form XIII to Mamlatdar will be eliminated.
Mutation will compulsorily follow a property registration and in the future, the record of Rights will reflect the actual ownership, one of the key objectives of the Digital India Land Records Modernisation Program.

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‘Have cleared 3200 mutation cases in 65 days’

Chief Minister Manohar Parrikar on Wednesday said that 3200 mutation cases have been cleared since his government came to power.

“As of now grievances received do not have much of a certification, for example, in less than 65 days of our government coming to power, we have almost cleared 3200 mutation cases from the pending 5800,” Parrikar said after launching the Goa Government Services Portal and Integration of Property Registration.

“We are also monitoring this and trying to finish it. Attempts will be made to ensure that backlogs are cleared,” he added.

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Aadhaar not mandatory for online services

Chief Minister Manohar Parrikar on Wednesday clarified that Aadhaar card is mandatory to avail services through the newly launched e-portal (http://www.goaonline.gov.in).

Addressing the media, Parrikar said, “The Supreme Court of India is very clear in which it says that you cannot deny a person if he does not have an Aadhaar card. In the next six months several other government services will be also moved to online platforms.”

Parrikar added that this is the target of Digital India, Digital Goa and the government is looking to move most aspects online so that citizen and government interface becomes less.

Thanks to demonetisation the Indian economy is running with Rs 5 lakh crores less than the amount of cash that would have been present in the economy had demonetisation not happened.
This is one of the key findings of a high level internal report on the benefits of demonetisation which has been prepared by top government officials.
Mail Today has exclusively been able to access this report which has been prepared as part of the internal assessments carried out to mark the third anniversary of the Modi government.