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Gujarat Man Disclosed with More Than 13000 Crores Black Money Goes Missing

Gujarat Man Disclosed with More Than 13000 Crores Black Money Goes Missing

This story was happened in Gujarat. A person named Mahesh Shah has created a sensation in the IT department tax raids. In the month of September Income tax departments has announced to show the account details of all persons.

In that process, Gujarat businessman has shown his property as Rs 13, 860 crores but he failed to pay tax on that property. By calculating his all properties he has to pay Rs 975 crores as first installment but he failed to pay the tax. So govt has declared all that property as black money.

IT Department Keeps an Eye on Gold Merchants Who Sell Gold at Higher Rates to Black Money Holders

IT department has conducted raids in his house and relative’s house on December 1st, after the raid Mahesh Shah is missing. So the government is suspecting this case, how he earned this entire amount.

After this incident his accountant who is working for Shah Company “Appaji Amin and Co” said he don’t know about this property, he also said “according to my knowledge Shah is not a very richest person but I don’t know about this property details.”

His son Monitesh said his father didn’t escape, and he is just far away from the city, and he will return to the city soon and gives explanation for government.

Tracking on Black Money: Deposits above Rs 2.5 Lakh to Face Tax, 200% Penalty on Mismatch

After this statement IDS is suspecting that it is really his property or any politicians are involved in this property issue. At present Mahesh is missing, police are searching for him

IT department Cracks a Whip on Deposits Above 2.5 lakh: 7years Jail for Usage of illegal Bank Accounts

IT Department Cracks a Whip on Deposits Above 2.5 Lakh

The Government didn’t stop the surgical strikes on the black money. The people with black money are executing several plans to convert them into white. At present banks are full with deposited money, so many black money holders are also depositing money in different accounts. So IT department is monitoring all bank accounts which is deposited more than 2.5 lakhs.

The government has passed the rule for people who are depositing more than 2.5 lakhs in the bank they have to show the id proof but housewives no need to show income proof. So taking this privilege as advantage many black money people are hiring poor people who have a bank account and depositing their black money into their account, and after depositing, they are transferring amounts into their accounts.

Let’s applaud this Ola driver who did his bit to fight black money

So govt want to stop these illegal activities. People who are doing these illegal activities will be jailed up to 7 years.

An official from IT Department said the person who deposits old currency in the bank account would treat as beneficial owner and the person in whose bank account the old currency has been deposited will be categorized under this law as a benamidar.

So IT department is investigating in all banks and sending notice to people who have deposited more than 2.5 lakhs without income proof. In Sikkim, they already started to send notices to people who have deposited money more than 2.5 lakhs without proof.

Tracking on Black Money: Deposits above Rs 2.5 Lakh to Face Tax, 200% Penalty on Mismatch

Such people have to bring all account books, bills and if they are paying IT tax that bills should submit to the IT office.

The government has firmly decided to remove the black money from our system. Soon we can see corruption free country.

For More News Update: Techfactslive

How to Exchange Notes Rs.1000 and Rs.500 Explained in Detail


Sensational news on the go…An Extraordinary news, hotter than the U.S Presidential elections. Daring move by PM Narendra Modi which has taken the nation by shock.

Addressing the citizens Indian Prime Minister Narendra Modi had made a major announcement. He stated that all the existing Rs.500 and Rs.1000 currency notes would be banned. The ban will be in effect from midnight of today i.e. from the midnight of 08-11-2016.

These steps are taken as part of eradicating the black money, fake currency and corruption in India. He said that the terrorists are spreading the usage of fake currencies in the denominations of Rs.500, Rs 1000 in India. So to stop their expansion in India this crucial step was taken by the Indian Government..

The PM’s announcement had taken people of India by surprise. The demonetisation of these notes will have a serious impact on the people who are having huge sums of black money.

Mr. Modi stated that people who are having these denominations need not worry. They can deposit the notes of Rs. 500 and Rs. 1000 in their bank or post office account within 50 days from 10th of November to December 30.

Those who are worrying about how to exchange the banned Currency can follow these steps to be in safe place

How to exchange the Discontinued Rs.500 and Rs.1000 notes:

• People should exchange by depositing their Rs.500 and Rs.1000 in either bank or post office accounts
• These currency notes should be exchanged in banks and head post offices and sub-post office within December 30, 2016,
• At the time of the exchange, he/she should provide a valid identity proof such as Aadhaar, PAN card or voter ID card.
• People who didn’t or couldn’t deposit the Rs.500 or Rs. 1000 currency notes by December 30, can exchange it at Reserve Bank of India(RBI) by providing a declaration.
• However, this extension is also valid until 31st of March, 2017.

Note: Only Rs. 4,000 can be exchanged per day by a person

In spite of the ban, all the government hospitals, petrol pumps, and airports will accept old Rs. 1000 and 500 notes till midnight of November 11.Crematoriums and cemeteries will also be allowed to transact 500 and 1000 notes till the same date. Rbi will be issuing new Rs.500 and Rs. 2000 notes soon

Modi expressed that he has faith and confidence in all the bank staff and post offices to act according to the situation and introduce the new order within the available time.

Government of India Ministry of Finance Department of Economic Affairs ******* Press Release With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contrabands into India, and for eliminating Black Money which casts a long shadow of parallel economy on our real economy, it has been decided to cancel the legal tender character of the High Denomination bank notes of Rs.500 and Rs.1000 denominations issued by RBI till now. This will take effect from the expiry of the 8th November, 2016.

  1. Fake Indian Currency Notes (FICN) in circulation in these denominations are comparatively larger as compared to those in other denominations. For a common person, the fake notes look similar to genuine notes. Use of FICN facilitates financing of terrorism and drug trafficking. Use of high denomination notes for storage of unaccounted wealth has been evident from cash recoveries made by law enforcement agencies from time to time. High denomination notes are known to facilitate generation of black money. In this connection, it may be noted that while the total number of bank notes in circulation rose by 40% between 2011 and 2016, the increase in number of notes of Rs.500/- denomination was 76% and for Rs.1,000/- denomination was 109% during this period. New Series bank notes of Rs.500/- and Rs.2,000/- denominations will be introduced for circulation from 10th November, 2016. Infusion of Rs.2,000/- bank notes will be monitored and regulated by RBI. Introduction of new series of banknotes which will be distinctly different from the current ones in terms of look, design, size and colour has been planned.
  1. The World Bank in July, 2010 estimated the size of the shadow economy for India at 20.7% of the GDP in 1999 and rising to 23.2% in 2007. There are similar estimates made by other Indian and international agencies. A parallel shadow economy corrodes and eats into the vitals of the country’s economy. It generates inflation which adversely affects the poor and the middle classes more than others. It deprives Government of its legitimate revenues which could have been otherwise used for welfare and development activities.
  1. In the last two years, the Government has taken a number of steps to curb the menace of black money in the economy including setting up of a Special Investigation Team (SIT); enacting a law regarding undisclosed foreign income and assets; amending the Double Taxation Avoidance Agreement between India and Mauritius and India and Cyprus; reaching an understanding with Switzerland for getting information on Bank accounts held by Indians with HSBC; encouraging the use of non-cash and digital payments; amending the Benami Transactions Act; and implementing the Income Declaration Scheme 2016.
  1. In order to implement the above decisions of the Government and keeping in view the need to minimise inconvenience to the public, the following operational guidelines have been issued:-

(i) Old High Denomination Bank Notes may be deposited by individuals/persons into their bank accounts and/or exchanged in bank branches or Issue Offices of RBI till the close of business hours on 30th December, 2016.

(ii) Old High Denomination Bank Notes of aggregate value of Rs.4,000/- only or below held by a person can be exchanged by him/her at any bank branch or Issue Office of Reserve Bank of India for any denomination of bank notes having legal tender character, provided a Requisition Slip as per format to be specified by RBI is presented with proof of identity and along with the Old High Denomination Bank Notes. Similar facilities will also be made available in Post Offices.

(iii) The limit of Rs.4,000/- for exchanging Old High Denomination Bank Notes at bank branches or at issue offices of Reserve Bank of India will be reviewed after 15 days and appropriate notification issued, as may be necessary.

(iv) There will not be any limit on the quantity or value of Old High Denomination Bank Notes to be credited to the account of the tenderer maintained with the bank, where the Old High Denomination Bank Notes are tendered. However, in accounts where compliance with extant Know Your Customer (KYC) norms is not complete, a maximum value of Rs.50,000/- of Old High Denomination Bank Notes can be deposited.

(v) The equivalent value of the Old High Denomination Bank Notes tendered can be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity.

(vi) The equivalent value of the Old High Denomination Bank Notes tendered can be credited to a third party account, provided specific authorisation therefor accorded by the said account holder is presented to the bank, following standard banking procedure and on production of valid proof of Identity of the person actually tendering.

(vii) Cash withdrawal from a bank account, over the counter will be restricted to Rs.10,000/- subject to an overall limit of Rs. 20,000/- in a week for the first fortnight, i.e., until the end of business hours on November 24, 2016.

(viii) There will be no restriction on the use of any non-cash method of operating the account which will include cheques, demand drafts, credit/debit cards, mobile wallets and electronic fund transfer mechanisms.

(ix) Withdrawal from ATMs would be restricted to Rs.2,000 per day per card up to November 18, 2016. The limit will be raised to Rs.4,000 per day per card from November 19, 2016 onwards.

(x) For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India.

(xi) Instruction is also being issued for closure of banks and Government Treasuries, on 9th November, 2016.

(xii) In addition, all ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash will remain shut on 9th and 10th November, 2016.

(xiii) The bank branches and Government Treasuries will function from 10th November, 2016.

(xiv) To avoid inconvenience to the public for the first 72 Hours, Old High Denomination Bank Notes will continue to be accepted at Government Hospitals and pharmacies in these hospitals/Railway ticketing counters/ticket counters of Government/Public Sector Undertaking buses and airline ticketing counters at airports; for purchases at consumer co-operative societies, at milk booths, at crematoria/burial grounds, at petrol/diesel/gas stations of Public Sector Oil Marketing Companies and for arriving and departing passengers at international airports and for foreign tourists to exchange foreign currency at airports up to a specified amount.

  1. The relevant Notifications are available in the website of Finance Ministry (http://finmin.nic.in/). Further details including Frequently Asked Questions (FAQs) are available on the website of the Reserve Bank of India (https://www.rbi.org.in/).

Hyderabad, Mumbai, Delhi Tops in Black Money Declaration under IDS

Black money: Rs. 65250 crore disclosed under Income Declaration Scheme, says Arun Jaitley

IDS details are furnished to public by the Indian union finance minister Arun Jaitley. As per Jaitley’s press conference, a total of 64,275 volunteer declarations have been made worth Rs. 65,250 crore. The date has ended by Sep 30th. He also stated that some of the disclosures are still under tabulation.

The income that will be generated from the declared undisclosed money would be Rs.29, 362.50 crore in the form of taxes and penalties.

A chance is given by the government for the declarants to pay their taxes or penalties in two installments. This fiscal year the government will receive nearly Rs.14, 681.25 crore and the next half in the coming fiscal year.

Bahamas Leak Trembles 475 Indian Black Money Holders After Panama Papers Tsunami

As per the IDS, by paying a tax and penalty of total 45% (30% tax + 7.5% penalty + 7.5% surcharge) of their undisclosed income, the black money holders can come out clean. Utilizing this many were expected, but only 15% of the black money holders came as volunteers and the 85% came due to the information and data collected by the Income Tax department. Hyderabad, Mumbai, Delhi cities topped the list of declerations.

Jaitley assured that International Consortium of Investigative Journalists (ICIJ) stated names in the Panama Papers as well as the HSBC list are also under the scanner. Around 250 references have been given to other countries and steps are being taken to investigate them too.

In 1997 a total tax of Rs.9,760 crore was collected with the introduction of Voluntary Disclosure of Income Scheme (VIDS). The finance minister P Chidambaram has announced the scheme.

SEBI to allow mutual funds purchases via digital wallet

Arun Jaitley also warned the undisclosed holders that a stringent action would be taken against them when caught. A total of 85% would be collected which constitutes 30% tax with an additional penalty of 50% from the hidden wealth.

Between the years 1951 to 1997, 10 amnesty schemes were announced to declare unaccounted money. They were misused mostly and did not fetch any fruitful results for the central government.

As far as the analysts think, this is the only third scheme that is successful in attaining the unaccounted money to a certain extent.

Bahamas Leak Trembles 475 Indian Black Money Holders After Panama Papers Tsunami


To start with, Bahamas is a group comprising of 700 Islands in the Atlantic Ocean north of Cuba. Interestingly, the Panama leak and the Bahamas leak operations are taken by the same International Consortium of Investigative Journalists (ICIJ) and its media partners.

Big names have been highlighted with Panama issue, and the same is being repeated now the #bahamasleaks. The Islands are Tax-free paradise for any one.  Hence many black money holders find it a way to make their transactions legal.

Pakistan Prime Minister Compels Unites States and UK to Solve issues with India

Mainly 475 Indian names have been screened amongst the 1, 75,000 names worldwide. Out of 475 Indians, many Hyderabad-based firm names and individual names have been highlighted. This came at a point of time when the Indian government has set a deadline of September 30th, 2010 for the declaration of unaccounted or undisclosed money till date.

Now, Bahamas leak might be an asset for the Indian government and Income Tax department to take action against the black money holders and Tax evaders.

Vedanta Group’s Anil Agarwal, Erstwhile Baron Group’s Kabir Mulchandani, Fashion TV India promoter Aman Gupta and On clave PTC, a trust company are the big names at National level. Coming to the state level, Nimmagadda Prasad, a business tycoon, is a major name that is being aired by the local media channels.

Indian Navy on High Alert After Suspicious Men with Arms Found in Military Uniform

Chandigarh-based Harbhajan Kaur and Gurjit Dhillon, mother-daughter duo linked to one Century Industries registered in the Bahamas, Aman Gupta the chairman of a Finnish water brand Sanjiv Kapoor, Jitendra P Patra and Sadat Rafiq Multani Myra Delores Rego of Mumbai and Ashok Chawla of Delhi are linked with an American and a Brit are named in the Bahamas leak.

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