THE FUGITIVE ECONOMIC OFFENDERS BILL – 2018 IS BEING DRAFTED TO CHECK THE BAD DEBTS AND TO RECOVER THE LOAN AMOUNT


The Central government may soon bring in the Fugitive Economic Offenders Bill, which proposes confiscation of assets of those who flee the country to evade prosecution or refuse to return, in cases involving more than ₹100 crore.

The proposed law assumes significance in view of the reports about major bank frauds.

A draft of the Fugitive Economic Offenders Bill, which is in consonance with similar legislation in several countries, was circulated in May last year seeking comments from all the stakeholders. The Bill was also cleared by the Union Law Ministry with certain recommendations on reconciliation of provisions with the existing laws.

The draft Bill followed an announcement in the Budget 2017-18 that the government planned to introduce a legal measure to facilitate confiscation of assets of the economic offenders who flee to foreign jurisdictions to escape the clutches of law.

The draft Bill defines a fugitive economic offender as an individual against whom an arrest warrant has been issued and who has either left the country or refuses to come back to face prosecution.

Enforcement Directorate is empowered to initiate action and recover the money

As proposed, the Enforcement Directorate would be empowered under the Prevention of Money Laundering Act (PMLA) to initiate the proceedings. It also has a provision enabling repayment of dues to creditors by disposing of confiscated assets, in case the accused offender continues to evade prosecution.

As listed in the draft Bill’s schedule, it will be applicable to various financial and allied offences as defined under the Indian Penal Code, Prevention of Corruption Act, Securities and Exchange Board of India Act, Customs Act, Companies Act, Limited Liability Partnership Act and the Insolvency and Bankruptcy Code.

 

Income Tax officials raid the homes of jewelers in 8 places in Chennai, recover Rs.90 crores in cash and Rs.29 crores jewellery


The department has been conducting regular raids since notes ban on Nov 8 Till December 6, cash and jewelry worth Rs. 120 crore (90+29=119)had been seized. The officials of the Income Tax department raided the homes of jewellers and sand miners in Chennai and recovered Rs. 90 crore in cash and 100 kg gold today. Raids have been conducted at eight places in the city, sources said.

Of the seized cash, Rs. 70 crore were in new notes, Rs. 20 crore in the banned old notes of Rs. 500 and Rs. 1,000, sources said.
Till December 6, cash and jewellery worth Rs. 130 crore had been seized and Rs. 2,000 crore of undisclosed wealth admitted by taxpayers, the department said.
The value of the gold seized today is Rs. 29 crore.

Further the investigating agencies, is stated have been examining the amounts deposited in the Bank Accounts worth Rs.11.55 lakh crores.

The amounts deposited without proper accounts and in benami names will attract the penal provisions of Benami Property Act.

 

REALTOR UNDER THE INCOME TAX SCANNER AT BANGALORE


POLITICALLY POWERFUL REALTOR GROUP, WHICH ACQUIRED HUGE STRETCH OF PROPERTIES, EVER SINCE, THE ARRIVAL OF NEW GOVERNMENT IN THE STATE IS UNDER THE SCANNER OF ENFORCEMENT DIRECTORATE AND SCRUTINY BY THE INCOME TAX DEPARTMENT.

THE AGENTS, DIRECTORS, SELLERS AND BUYERS ARE IN THE NET.

IT IS SAID THAT THE CATCH WILL BE HUGE WITH LOTS OF INPUTS FROM DIFFERENT SOURCES.

IT IS ALSO SAID THAT THIS NEW GROUP EMERGED, ALL OF A SUDDEN FROM THE BRINK, RAISING SUSPICION.

HOUSE BUILDING CO – OP SOCIETY`S PROJECT IN SHAMBLES


THE SUPREME COURT OF INDIA`S ORDERS AND THE SUBSEQUENT PROCEEDINGS BY THE BDA AND THE STATE GOVERNMENT HAS FINALLY BROUGHT THE JUSTICE TO THE LANDLORDS, WHOSE LANDS HAD BEEN ACQUIRED FOR THE SOCIETY. 

THE LAYOUT(SUPPOSES TO HAVE FORMED) AND THE ALLOTMENT STANDS CANCELLED IN RESPECT OF SEVERAL SURVEY NUMBERS.

AS SUSPECTED AND PUBLISHED BY ONE OF OUR READERS REGARDING THE ILLEGALITIES and IRREGULARITIES OF THE HOUSING SOCIETY, WHICH IS UNDER SCRUTINY BY THE INCOME TAX DEPARTMENT, IG STAMPS AND REGISTRATION AND ENFORCEMENT DIRECTORATE, THE DEVELOPMENT AND THE POSSESSION OF THE SITES MIGHT TAKE FEW MORE YEARS FROM NOW, AS IT IS ALREADY DELAYED BY OVER 5 YEARS.

ANOTHER WELFARE HOUSING SOCIETY`S ACTIVITIES ARE ALSO UNDER SCRUTINY BY THE LOKAYUKTA, MAY GET INTO LEGAL TANGLE, DUE TO IRREGULARITIES.