Keep Away From Benami Transactions, Warns Income Tax Department

Keep Away From Benami Transactions, Warns Income Tax Department

The taxman is the nodal department to enforce the Benami Act in the country

New Delhi: The Income Tax Department on Wednesday warned people to “keep away” from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years. The department put out its alert in a public advertisement published in leading national dailies.

Titled “Keep Away from Benami Transactions”, it described black money as a “crime against humanity” and urged “conscientious citizens to help the government in eradicating it”.

“Benamidar (in whose name benami proper is standing), beneficiary (who actually paid consideration) and persons who abet and induce benami transactions are prosecutable and may face rigorous imprisonment up to 7 years besides being liable to pay fine up to 25 per cent of fair market value of benami property,” the I-T advertisement said.

The tax department attached benami assets worth Rs. 1,833 crore across the country, issued 517 notices and made 541 attachments, from November 1, 2016 to October 2017.

The department started initiating action under the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1, 2016.

The advertisement added that “persons who furnish false information to authorities under Prohibition of Benami Property Transactions Act, 2016, are prosecutable and may be imprisoned up to 5 years besides being liable to pay fine up to 10 per cent of fair market value of benami property”.

It added that benami property “may be attached and confiscated by the government” and that this action will be in in addition to prosecution under the Income Tax Act of 1961 for tax evasion charges.

The Income Tax Department is the nodal department to enforce the Benami Act in the country.

[“Source-ndtv”]

Government Working to Expand Digital Transactions at Great Pace, Says Jaitley

Government Working to Expand Digital Transactions at Great Pace, Says Jaitley
Asserting that the government is working to expand digital transaction at a great pace despite criticism, Finance Minister Arun Jaitley on Wednesday asked Opposition not to eulogise the virtues of cash as it leads to temptation for shadow economy.

“If an economy runs on cash, it is not credit to the country. …Cash gives temptation for shadow and parallel economy. …Don’t find fault with the system, don’t start singing the virtues of cash,” Jaitley said while intervening in the discussion on Motion of thanks to President’s Address in Rajya Sabha.

On Opposition’s criticism that the country does not have adequate infrastructure to support digital economy, Jaitley said that there are 1.5 lakh bank branches, 2.10 lakh ATMs and 1.25 lakh banking correspondents.

Besides, telecom companies have been licenced to act as payment banks in addition to Department of Posts which will further enhance financial inclusion, he added.

On concerns on additional cost associated with digital payments, Jaitley said there are several modes of payments including UPI and e-wallets.

“This expansion is taking place at a great pace,” he said. Jaitley said the technology has advanced so much that people can withdraw money without going to brick and mortar bank and asked the Opposition not to find faults with digital system.

“Don’t underestimate power of technology. Let us not underestimate this country,” he said and added that predominantly cash-based economy is not good for the country.
The Finance Minister said that cash leads to temptation for dealing in black money. “I can’t think of any country which propounds only cash transactions. Why are you sprouting virtues of cash?”

Stressing that demonetisation was not a sudden decision, he said the government had been working since assuming office in May 2014 to address the problem of black money.

In this context, he cited steps like review of double taxation agreements and amendments to Benami Act among others.

“This government has been working since day one to end black money which had become a part of life,” he said. He said that 2016 was a “historic” as the government amended its double taxation agreements with Singapore, Cyprus and Mauritius.

Jaitley also pointed out to Congress that the White Paper on black money by UPA government in 2012 itself had talked about vices of cash which leads to parallel economy, lesser revenue to the government and corruption.

The Finance Minister said it is true that terrorists don’t deal only in cash but it is a great enabler.

Tags: Digital Payments, Cashless Payments, Internet, Apps, India, E Wallets

[“Source-Gadgets”]

RBI operating on regulations to slash Fraud in electronic Transactions

RBI Working on Regulations to Curb Fraud in Electronic Transactions

The RBI is operating to put in location a regulatory framework to cope with customer criticism and legal responsibility troubles bobbing up out of frauds in electronic transactions, government stated Tuesday.

the matter is being further tested by way of the RBI to put in vicinity a regulatory framework for addressing purchaser criticism and legal responsibility problems springing up out of such frauds,” Minister of state for Finance Jayant Sinha stated during the query Hour within the Rajya Sabha.

He said the Banking Codes and standards Board of India (BCSBI) had in 2014 come out with arecommendation of proscribing the customer liabilities in case of frauds taking area via electronicchannels.

Replying to supplementaries, Sinha said there was too much of coins transaction in the Indian financial system.

“87 percentage transaction occurs in India in coins, which isn’t the case in different countries. so muchuse of coins transaction isn’t always proper…this will increase value of coping with exceptinconvenience,” he said and underlined authorities‘s committment to encourage cashless monetarytransactions.

The RBI in its ‘price machine imaginative and prescient document 2012-15′ for ushering in a less coinsfinancial system counseled drawing up of a policy framework setting up roles and obligations of banks and clients in electronic transactions to minimise fruads, restoration duties and 0 legal responsibilitysafety to increase client self belief.

The file had also advised drawing up a method for disincentivising utilization of cheques above a surethreshold restrict by way of clients and company which might also consist of prescribing a cut off limitfor cheques cleared thru clearing residence arrangements.

Sinha said a white paper became positioned with the aid of the department for public comments in 2013. “based totally at the reaction from the general public, the branch has no longer initiated any furthermovement“.

Sinha similarly said the government had pop out with a white paper on disincentivising paper cheques and sought public comments on it.

however, the comments had been not very encouraging. The charges levied for digital transactions operated by way of the financial institution are low and obvious,” he introduced.

Sinha in addition said that country wide payments organization of India (NPCI) has been given in-precept approval to be the Bharat invoice fee critical Unit (BBPCU) under Bharat invoice fee device(BBPS), an included bill payment device.

BBPS is an incorporated invoice payment machine to characteristic as a tiered structure for operatinginvoice fee system in India with a single emblem picture, presenting convenience of ‘each timeeverywhereinvoice price to clients.

the existing scope of BBPS will include application invoice bills consisting of strength, water, gasoline,phone and Direct-to-home (DTH).

we’re brining a revolution in virtual charge,” Sinha stated list numerous projects taken by using thegovernment to carry down the extent of coins transactions inside the united states. “when we’ve cash inmovement in financial system, we create a drag. If we move to digital, we will dispose of thosedifficulties,” he added.

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Tags: Cashless bills, India, internet, on line shopping, RBI

CouponDunia Launches Cashbacks, ambitions to reinforce general fee of Transactions

CouponDunia Launches Cashbacks, Aims to Boost Total Value of Transactionsnline couponing platform CouponDunia ambitions to develop sales by way of fourfold to $20 million (roughly Rs. 132 crores) this financial because it launches new services together with cashback forclients.

The organization, which counts e-trade corporations like, Flipkart, Amazon, eBay and Jabong, among itsclients, is also aiming to expand the full value of transactions via its platforms (GMV) to Rs. 4,000 croreswith the aid of the stop of March 2017.

“Our intention has constantly been to be the pre-shopping vacation spot that clients visit before making any transaction on line. With cashback, we are a step toward that purpose,” CouponDunia chief workingOfficer Ankita Tandon informed PTI.

With cashback, clients might be able to make additional financial savings on their transactions over and above another offers or discounts that the net keep affords, she delivered.

“With this remodeled enterprise approach, we count on to appreciably boom consumer base andincome. currently, we facilitate a gross products fee (GMV) of Rs 1,000 crores, and we need to be able toscale this up to Rs. 4,000 crores in the coming year,” she said.

in addition, the sales have to also grow fourfold from $five million (more or less Rs. 33 crores) in FY16, Tandon brought.

The times internetsponsored firm is likewise trying to develop app downloads threefold to 7.5 million from the current 2.five million downloads.

founded in 2010 by using Sameer Parwani, the business enterprise is based in Mumbai with a tech officein Bengaluru. It gets about 10 million visits a month and stocks coupons from over 2,000 on line brands.

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