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Nitin Gadkari seeks more time for I-T appearance

Two authorised representatives of Gadkari met I-T officials in Nagpur and submitted a 25-page document in reply to the department’s question regarding his personal transactions and investments related to the Purti group of companies and few others

 

Nagpur: Bharatiya Janata Party (BJP) President Nitin Gadkari, who was asked by the Income Tax (I-T) department to appear before it on Monday in connection with the probe into alleged dubious investments in Purti group of companies, has sought more time to present his case, reports PTI.

 

Citing his preoccupation with party work as the reason for his inability to appear before the tax authorities, he sought fresh time, official sources said.

 

They said he has now been asked to appear on 1st February.

 

The sources said that two authorised representatives of Gadkari met I-T officials here and submitted a 25-page document in reply to department's question regarding his personal transactions and investments related to the Purti group of companies and few others.

 

Gadkari was not immediately available for comment while the BJP declined to give any reaction. Gadkari has denied allegations of any wrongdoing and said that he has resigned from the Purti Group sometime back.

 

The I-T department had earlier issued summons for appearance to Gadkari in the second half of this month as the taxman was probing alleged tax evasion case against him and his group of companies.

 

Gadkari has been asked for his personal appearance so that he can be confronted with the documents and probe conducted by the I-T in this regard in the last few months.

 

The department has been probing various firms that invested in Gadkari’s company Purti Power and Sugar (PPSL).

 

The department, according to sources, has allegedly found the details of almost 30 companies that have been “in transactions” with PPSL.

 

Gadkari's Chartered Accountant Ravi Chincholkar was one of the two representatives who appeared before the office of Geeta Ravichandran, Joint Director (Investigation) of I-T Department here and sought adjournment for producing relevant documents, according to sources close to Gadkari.

 

Sources also said that there was no need for personal appearance of Gadkari in this matter.

 

When contacted, Purti group PRO Nitin Kulkarni sought to downplay the matter saying that the Chartered Accountant regularly goes to I-T office for company related works.

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Citibank launches paperless payment system for cardholders

This new solution would also allow customers to make card payments at the point of purchase itself at the retail outlets, thereby avoiding long queues at payment counters in these stores

 

Mumbai: Citibank India has announced a new paperless mobile payment system for all credit and debit card customers in India that would do away with the charge slips, reports PTI.

 

The development makes Citibank India the first country franchise within the Citigroup to launch an industry innovative mobile payment solution, which has been developed with its technology partner Ezetap.

 

Citibank said in a statement it has already partnered with seven leading brands for the launch of this service in India, where it would help its more than 320 million card customers to make payments through their debit and credit cards at the point of payment.

 

The new payment solution would help customers purchase a wide range of goods and services, pay insurance premiums, mobile phone bills, recharge mobile phones or buy movie, theatre and event tickets at the convenience of their home or office with their cards.

 

It would also allow customers to make card payments at the point of purchase itself at the retail outlets, thereby avoiding long queues at payment counters in these stores.

 

“The secured paperless transaction not only does away with managing charge slips but also combines the many benefits enjoyed by Citibank card customers, including instant redemption of reward points, ability to opt for EMI payment option while using this new payment alternative," said Anand Selvakesari, Country Business Manager, Global Consumer Group, Citibank India.

 

Flipkart, Shoppers Stop, Bajaj Allianz and Bookmyshow are among the brands that are at various stages of testing and implementation of this payment solution.

 

“The industry first fully certified and secured mobile payment solution from Citibank, seeks to change the way payments are made for products and services of daily use in India, just as the first ATM pioneered by Citi in 1977 revolutionised the concept of cash withdrawal worldwide,” Selvakesari said.

 

The new system can work through a dongle, which can be plugged into smart phones and tablets and is compliant with the global security standards developed by the Payment Card Industry Security Standards Council.

 

Citibank said that the payment process is compliant with Citigroup global security standards and has also been approved by regulators in India.

 

“We believe that this payment and collection device has the potential to dramatically increase the penetration of card terminals,” said Muge Yuzuak, Country Head Cards and Personal Loans, Citibank India.

 

Card terminals in India currently stand at around 700,000 with China estimated at around 5 million, Selvakesari said adding that the new facility has the potential to reach out to around 20 million merchants across industries over the next few years.       

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Birla Sun Life launches new pension plan

BSLI Empower offers customers a choice to select the premium amount, vesting date and risk profile

 

Mumbai: Birla Sun Life Insurance has launched a new pension plan, BSLI Empower, which would help customers accumulate their premiums and the investment returns into a corpus for their retirement needs, reports PTI.

 

The plan offers customers a choice to select the premium amount, vesting date and risk profile, the private sector insurer said.

 

The premium accumulated till the vesting period will be invested in equity or debt depending on the risk appetite of the customer. After the customers decide to vest their policy, they would enter the “income phase”, where the corpus will be used to purchase annuity to ensure a stream of regular income payable for the rest of their lives.

 

The plan offers guaranteed additions from the sixth policy anniversary onwards. The corpus would be managed by BSLI based on the customer’s chosen vesting date and risk profile to meet their retirement objectives.

 

The company is a joint venture between Aditya Birla Group and Sun Life Financial, Canada-based international financial services organisation.

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