Black money worth Rs30,000 crore recovered by CBDT

CBDT chairman Sudhir Chandra said the department has gone after big shots and every search or survey has yielded more than Rs100 crore in black money

New Delhi: Taxmen have seized black money to the tune of a whopping Rs30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers.

The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from finance minister Pranab Mukherjee last week, reports PTI.

CBDT chairman Sudhir Chandra said the department have gone after big shots and every search or survey has yielded more than Rs100 crore in black money.

Addressing the 'National Seminar on Black Money', Mr Chandra said, "Through I-T searches and surveys, we have realised around Rs30,000 crore of black money" in the past two years.

"In the last two years, through I-T searches, we have uncovered Rs18,500 crore of black money. That shows we have not gone after small people and we have gone after big people.

"What is the use of mopping the floor if the tap is open? We are trying to close the taps?" he said.

He said his officers did not move out of the office unless they got clinching and conclusive information.

Noting that they used to get a lot of complaints, mainly due to personal vendetta, he said the CBDT was profiling high networth individuals. "Everyone is on our radar," he said.

He said since February, the Income Tax Department has issued 1.15 crore refunds across the country which runs into Rs1.04 lakh crore.

"The income tax refund is your money. In terms of money, it is Rs74,000 crore up to March and another Rs30,000 crore in April and up to 15th May," Mr Chandra said.

He also said the income tax collection has gone up by three times in the first 45 days of this fiscal compared to the same period last fiscal.

"Last year till 15th May, the gross collection of income tax was Rs9,000 crore, this year it is Rs28,000 crore. In 45 days, it has grown up three times," he said.

He added that Income Tax investigation department is being strengthened.

"We are also setting up a new dedicated and computerised exchange of information cell. Whatever information we want from countries, they can send it our cell; will coordinate with identical cells of foreign countries.

"CBDT is also in the process of creating a Directorate of Criminal Investigation. The finance minister has given his approval last week. We need infrastructure to support it," he said.

On the Liechtenstein accounts, he said the information what India got from them cannot even be shared with the Enforcement Directorate.

"Now we are devising some methods to allow non-tax enforcement agencies to access this. India is also considering signing multilateral convention and mutual assistance in tax matters," he said.

Noting that India plays a leading role in improving the coordination and exchange of information on black money, Mr Chandra said the situation has changed with regard to sharing information.

"We have identified tax havens. We have negotiated agreements with 14 countries. Three agreements with Bahamas, Bermuda and Isle of Man are already in place and we are getting information from these countries," he said.

He also said that there was a provision of declaring a country as non-cooperative jurisdiction if it does not share information.

"Once this is done, a company of that country doing business in India or an Indian company doing business with that country, there will be a higher withholding of tax," he said.

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Radico Khaitan report net profit of Rs17.4 crore for March quarter

Radico Khaitan registered net sales in Q4 of FY2011 at Rs333.8 crore, against sales of Rs297.7 crore over corresponding quarter in the previous year

Radico Khaitan Ltd, one of the largest liquor companies in the country announced its audited fourth quarter results for the year 2010-11. The company has registered net profit of Rs17.4 crore compared to Rs.9.6 crore in the corresponding quarter of FY2010. The company registered net sales in Q4 of FY2011 at Rs333.8 crore, against sales of Rs297.7 crore over corresponding quarter in the previous year, a growth of 12.1%.

Dr Lalit Khaitan, chairman & managing director, Radico Khaitan said, "Radico Khaitan continues to consolidate its position as one of the leading players in the spirits industry in India. We had a strong performance in FY2011 as a result of our continued focus on the premiumisation of our portfolio. The company has registered net profit of Rs72.8 crore compared to Rs41.5 crore in the previous year of FY2010. The company registered net sales FY2011 at Rs1330.6 crore, against sales of Rs1147.1 crore over corresponding year, thereby showing a growth of 16.0%".  

He further added, "Last year, Magic Moments performed well and achieved volumes of close to 2 million cases and we were delighted to receive the Monde Selection's Grand Gold Award for one of our remix brands. Morpheus premium brandy, which was launched in mid 2009, has not only won Gold at the Monde Selection this year but has also attained leadership position in its category and is growing at a rapid pace. After Dark whisky which was test marketed last year is being rolled out on a nationwide basis this year. We also remain focused on enhancing operational efficiency, productivity and cash flows".

On Wednesday, Radico Khaitan ended 0.57% down at Rs138.35 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.28% down at 18,086.20.

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Neyveli Lignite’s output up by 3.6% in FY11

The power generation of Neyveli Lignite went up by 1.27% at 17,879 million units (MU) in last fiscal, over 17,656 MU in FY10

Navratna company Neyveli Lignite Corporation (NLC) said that it has achieved a marginal 3.6% rise in lignite production at 231 lakh tonne in 2010-11, over a year ago.

The public sector firm had produced 223 lakh tonne of lignite in 2009-10, the company said in a statement to the Bombay Stock Exchange (BSE).
The power generation of NLC also went up by 1.27% at 17,879 million units (MU) in last fiscal, over 17,656 MU in FY10, it said.

The export of power from the thermal stations of the state-owned firm registered 0.9% rise at 14,969 MU in FY11, over 14,828 MU a year ago, the statement added.

Currently, NLC operates three open cast lignite mines at Neyveli and one at Barsingsar, Rajasthan having a total capacity of 30.50 million tonne per annum.
It also has three thermal power stations at Neyveli and one at Barsingsar with a total installed capacity of 2,740 megawatt.

On Wednesday, NLC ended 0.5% up at Rs101.50 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.28% down at 18,086.20.

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